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Episode 144 — Holding Managers Accountable for Accounting
Manage episode 376331304 series 2899207
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You expect your managers to make well-informed decisions to benefit your company, but do they have a good grasp of financial concepts? It's important to question whether they truly understand the impact of their choices on your company's finances. Have you assigned specific responsibilities for parts of your Profit and Loss (P&L) statement, and do you assess their performance based on these financial figures?
Team meetings and one-on-one sessions serve as essential tools for keeping everyone aligned with the company's objectives and maintaining effective communication. But what makes these meetings so vital, and how do they contribute to the overall success of a business?
Establishing appropriate incentive structures and clear performance metrics can guide managers to achieve both short-term and long-term company goals. Step on in to hear about preparing managers for new opportunities and thinking about the advantages that outside talent can bring to a growing business.
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