Power of 3 - #6

By Steven Beshears posted 01-18-2021 03:50 PM

Power of 3

A weekly three-minute read highlighting takeaways and insights from conversations with members.

Top 3 Quotes of the Week:

"How can I make sure it sticks?”

2020 had plenty of highs and lows for organizations. Many members said they learned to be more efficient and improve their prioritization skills last year. The shift to a remote workforce made that essential. Many organizations developed new protocols and want to make sure that they stay around in a post COVID world. Have you developed any new procedures or policies that you want to make sure stick around? 

“What keeps me competitive?” 

This was a good one. The question is concise, the answer is robust. Everyone wants to maintain a competitive edge over their peers and competition. The premise: If my company stays competitive, my employees won’t leave to make a quick dollar. How do you define competitive, and what parameters are you using to measure your competitive success? 

“I wish I could see into the future.”

Don’t we all? I would’ve invested in Zoom years ago if that were the case. Last year made it clear that we can never 100% sure of anything. Scenario-based budgeting became a popular topic and set a standard going into Q1 of 2021 because we need to have multiple plans just in case 2021 has more surprises for us. How are you budgeting this year? Using old numbers or a combination of predictive and old? Why?

Top 3 Articles Shared This Week: 

Effective HR leadership may be key to promoting mental health in the workplace

5 CFO trends to watch in 2021

For post-pandemic world, put extra cash in IT

Top 3 Major Topics of Discussion This Week:

System Inefficiencies - Many members suggest they have plenty of data, across all of their systems. (CRM, ERP, and any other TLA you can think of.) How do we make the most out of the data and get all the numbers to tell a story? Then what do we do with that data? On a scale of 1-10 how efficient would you say your organizational systems are?

Virtual Sales Struggles - For many organizations, salespeople and customers will be working remotely through some or all of 2021. This has raised concerns about whether or not their current teams can meet or exceed their sales quotas. Are you concerned with your sales teams reaching their goals? Which local restrictions are affecting you the most? 

Benchmarking - Everyone wants to know what his or her peers are hearing, seeing, and doing. This is the time to network. This is the time to ask questions. You are not alone. On January 14th, AchieveNEXT published its 11th Annual CFO-CHRO Sentiment Study. It details hundreds of responses from finance and HR leaders around the country. Reach out to me and I’ll be sure to send you a copy so you can see where you stand against your peers!