Month: October 2023

Corporate CPR Episode 99: Making Finance-Driven Decisions

/ Jana

On today’s episode, we are talking about making finance-driven decisions.

Paul Barnhurst, known as The FP&A Guy, is a seasoned Finance Professional with over 12 years of experience in finance and Financial Planning & Analysis (FP&A). He holds a bachelor’s degree from BYU, an MBA specializing in finance, and a Master of Information Management from Arizona State University. Paul’s diverse career spans various industries, including government, travel services, finance, automotive, Cyber Security, and Ecommerce. His expertise lies in budgeting, forecasting, financial planning, modeling, report building, and business partnership. Paul recently launched The FP&A Guy, offering FP&A consulting for small and mid-sized companies, FP&A training, and content creation. Based in Salt Lake City, Utah, he’s an active thought leader on LinkedIn in the FP&A field.

Episode Highlights:

  • Financial Modeling for Informed Decisions: Financial modeling is a critical tool for making informed decisions. It involves creating dynamic models with inputs and outputs to estimate the financial implications of various scenarios, such as business expansion. Good financial modeling helps in projecting likely outcomes.
  • Aligning Strategy with Finance: Financial modeling in the corporate context plays a key role in aligning strategic plans with financial considerations. It engages different departments in the budgeting and forecasting process, ensuring that business decisions are financially sound and in line with the company’s overall strategy.
  • M&A as an Art and Science: Mergers and Acquisitions (M&A) strategies should combine both financial analysis and a deep understanding of market dynamics. Successful M&A deals require discipline to avoid overpaying or making unrealistic assumptions. It’s both an art and a science.
  • Building Robust M&A Models: In M&A, success hinges on having a robust financial model, conducting effective due diligence, understanding the strategic fit between companies, and structuring deals intelligently. Consideration of market conditions and future exit strategies is essential.
  • Key Considerations for Informed M&A: When considering M&A, focus on key factors such as financial aspects, the technology state of the target company, cultural fit, legal risks, and understanding industry growth or decline. These considerations are fundamental for making well-informed decisions during mergers and acquisitions.

Paul’s Top 3 Takeaways for the Audience:

  1. Modeling is only one decision-making tool. It should be used to help guide your decisions, not dictate them.
  2. Most M&As do not result in a return to the buyer so make sure you bring discipline to your process and try to remove emotion.
  3. Make sure you’re asking Finance for help. Finance can bring a lot of value, especially if they are willing to learn & partner with the business.  

How to Connect with Paul:

LinkedIn: https://www.linkedin.com/in/thefpandaguy/   

Email: Pbarnhurst@thefpandaguy.com

Website: www.thefpandaguy.com

Navigating Project Risks: A Guide to Keeping It All Together

/ Jana

Picture this: you’re managing a project, and everything seems to be going smoothly. But then, out of nowhere, a major hiccup derails your carefully laid plans. If you’ve been in the world of project management, you know that risks are an integral part of the process. The key is not to eliminate risks but to identify, assess, and mitigate them effectively. Let’s explore some practical tips for managing project risks and ensuring your project stays on track.

1. Begin with a Risk Assessment

Start your project on the right foot by conducting a comprehensive risk assessment. This involves brainstorming with your team to identify potential risks. These could be anything from resource shortages to technical challenges or even external factors like market fluctuations. The goal is to create a list of all possible risks that could affect your project.

2. Prioritize Risks

Not all risks are created equal. Some have a higher probability of occurring and could have a more significant impact on your project. Prioritize your risks by considering their likelihood and potential consequences. Focus on the most critical risks to ensure your mitigation efforts are well-directed.

3. Develop a Risk Register

A risk register is your go-to document for tracking and managing risks throughout the project. It should include a description of the risk, its potential impact, its likelihood, and a plan for mitigation. Keep this register up-to-date and share it with your team so that everyone is aware of the potential pitfalls.

4. Plan for Risk Mitigation

Mitigating risks is where the magic happens. Develop a detailed plan for each identified risk. Consider what actions can be taken to reduce the likelihood of the risk occurring or lessen its impact if it does. Assign responsibilities for each mitigation strategy, so there’s no confusion about who’s accountable for managing specific risks.

5. Continuously Monitor Risks

Risk management is not a one-and-done activity. You must keep a vigilant eye on your risks throughout the project’s lifecycle. As the project progresses, new risks may emerge, and the impact or likelihood of existing risks may change. Regularly update your risk register and make adjustments to your mitigation plans as needed.

6. Encourage Open Communication

A culture of open communication can be a lifesaver when it comes to risk management. Encourage your team members to report potential risks or issues as soon as they arise. Timely identification allows for quicker responses and more effective risk mitigation.

7. Be Prepared with Contingency Plans

In some cases, despite your best efforts, risks may materialize. This is where contingency plans come into play. Develop backup plans that outline what steps to take if a risk becomes a reality. Being prepared will help you respond swiftly and minimize the impact on your project.

8. Learn from Past Projects

Your previous projects are a treasure trove of insights. Take the time to analyze what risks occurred and how they were managed in the past. Use this knowledge to improve your risk management strategies for future projects.

9. Seek Expert Input

Don’t hesitate to seek input from experts or experienced colleagues. They may have dealt with similar risks in the past and can offer valuable insights and advice on how to manage them effectively.

10. Embrace Adaptability

Finally, understand that not all risks can be predicted or prevented. In the world of project management, adaptability is a superpower. Be ready to pivot, adjust your plans, and keep your project on track, even in the face of unexpected risks.

Managing project risks is a critical skill for any project manager. It’s about being proactive, adaptable, and having a plan in place for whatever curveballs come your way. By identifying, assessing, and mitigating risks effectively, you can increase the chances of your project’s success and keep it on the path to completion, no matter what challenges arise.

Corporate CPR Episode 97: Whether You’re Telling The Right Story About Your Brand

/ Jana

On today’s episode we are talking about whether you’re telling the right story about your brand.

Kitty Hart boasts 25 years in branding and marketing. As VP of Client Brand Experience at Heroic Productions, she leads a team of professionals in designing and producing events that convey brand stories, values, and vision. Kitty firmly believes that every brand-customer interaction, be it at corporate events, retail spaces, conference rooms, or websites, is a chance to inspire and engage. She leverages experiential marketing and design thinking to address complex business challenges, providing innovative solutions.

Episode Highlights:

  • Importance of Designing Every Interaction: Effective companies recognize the significance of designing every moment of interaction with their audience, as it directly impacts the perception of their brand.
  • Control and Consistency: To maintain a positive brand perception, companies need to control and be consistent in how their brand shows up in various instances, ensuring there is no misunderstanding about their brand.
  • Integration of Design Thinking: Successful companies have integrated design thinking into their business strategies, which is crucial for creating memorable brand experiences.
  • Listening and Adapting: Monitoring social media and conducting surveys can help companies gauge how well their brand is perceived. If people aren’t talking about the brand or are expressing negative sentiments, it may indicate the need for improvements.
  • Crafting a Clear Brand Story: Companies should craft a clear and compelling brand story, understanding their “why.” It’s essential to involve a cross-section of the organization to create and maintain a consistent brand message.
  • Shift in Perspective: To make your brand stand out, shift your focus from products and services to the results and impact on customers. Challenge the status quo and emphasize why you do what you do.
  • Design and Visuals Matter: High-quality visuals, staging, and technology are crucial for creating engaging and enjoyable corporate events. A well-designed environment enhances the learning experience.
  • Balancing Content and Engagement: Achieving a balance between informative content and enjoyable elements like entertainment and networking is essential for successful events. Keep attendees engaged and looking forward to future events.

Kitty’s Top 3 Takeaways for the Audience:

  1. Importance of being consistent with your brand no matter what size company you are. 
  2. Think about the delivery of your product or service. Observe how the delivery is designed from beginning to end (words, visuals, behaviors, etc.)
  3. Every single brand can use experiential marketing effectively. Look outside of your industry to see what brands are doing, take note of what you find interesting, and see how you can apply it to your business. 

How to Connect with Kitty:

LinkedIn: www.linkedin.com/in/kittyhart/

Email: khart@heroic-productions.com

Website: www.heroic-productions.com

Effective Stakeholder Management: Navigating the Key to Project Success 

/ Jana

Stakeholder management is like the compass that guides a ship through uncharted waters. In the world of project management, the success of a project often hinges on how well you manage your stakeholders. These individuals or groups can significantly influence the project’s direction, making stakeholder management a critical aspect of project success. In this blog, we will explore some valuable tips for managing stakeholders effectively, ensuring your project stays on course and reaches its destination. 

Understanding the Importance of Stakeholder Management 

Stakeholders can include anyone with an interest in your project, such as team members, clients, suppliers, investors, and end-users. Their support, involvement, and satisfaction can make or break your project. 

  1. Identifying Key Stakeholders 

The first step in effective stakeholder management is identifying who your key stakeholders are. This involves creating a comprehensive stakeholder list that covers all relevant parties. While some stakeholders are obvious, others may be less apparent. Consider who might be impacted by the project, who can influence it, and who holds a vested interest. 

  1. Categorizing Stakeholders 

Once you’ve identified your stakeholders, it’s essential to categorize them. Group them based on their level of influence and interest in the project. This will help you tailor your engagement strategies to each category. Common categorizations include: 

  • High Influence, High Interest: These stakeholders are the top priority and require close and continuous engagement. 
  • High Influence, Low Interest: Keep these stakeholders informed but minimize their involvement to prevent scope creep. 
  • Low Influence, High Interest: Keep them satisfied and informed, but their influence is limited. 
  • Low Influence, Low Interest: Monitor these stakeholders, but they may not require significant attention. 
  1. Building Relationships 

Effective stakeholder management is built on relationships. Establish open lines of communication and trust by: 

  • Regularly updating stakeholders on project progress. 
  • Listening to their concerns and feedback. 
  • Addressing their issues and queries promptly. 
  • Involving them in decision-making where relevant. 
  1. Engaging Stakeholders 

Engagement is more than just keeping stakeholders informed. It’s about involving them in the project, so they feel invested in its success. This can be achieved through: 

  • Collaborative workshops or meetings. 
  • Seeking their input on critical project decisions. 
  • Involving them in pilot testing or feedback sessions. 
  • Acknowledging their contributions and feedback. 
  1. Managing Expectations 

Clear and realistic expectations are a cornerstone of effective stakeholder management. Ensure that stakeholders have a clear understanding of what the project aims to achieve, the potential challenges, and the anticipated outcomes. This helps prevent misunderstandings and disappointment down the road. 

  1. Flexibility and Adaptability 

Projects rarely go as planned. Effective stakeholder management requires the ability to adapt to changing circumstances. Be prepared to adjust project goals, timelines, and resources based on stakeholder feedback and changing requirements. 

  1. Continuous Monitoring and Feedback 

Stakeholder engagement is an ongoing process. Regularly assess stakeholder satisfaction and make adjustments as necessary. Be open to constructive criticism and use it to improve the project. 

Effective stakeholder management is not a one-size-fits-all approach. It requires adaptability, strong communication, and the ability to build and maintain relationships. When executed effectively, it can lead to stronger support for your project, reduced risks, and a smoother journey to project success. So, make stakeholder management a top priority in your project management toolkit, and watch your projects sail smoothly toward their intended destinations. 

Corporate CPR Episode 97: How Employees’ Expectations Of Their Companies Have Shifted, And How Companies’ Mindsets Might Have To Change To Stay Relevant

/ Jana

On today’s episode we are talking about how employees’ expectations of their companies have shifted, and how companies’ mindsets might have to change to stay relevant.

Joining us today is Chuck Hogan, Managing Partner at Your Best Life, an organization helping people to elevate finance, family, fitness and faith to maximize their Best Life through mentor strategizing, community and exclusive once in a lifetime experiences. His unique background of sales, business and relationship building gives him a rare perspective that enables him to successfully guide entrepreneurs, CEOS, and other top executives to new heights.

Episode Highlights:

  • Embrace Change and Possibility: The importance of embracing change and seeking possibilities, even when it means stepping out of your comfort zone. Staying in a confined space or routine can make one feel claustrophobic, especially for individuals who are free spirits or artists.
  • Recognizing and Leveraging Skills: New-age leader managers are skilled at recognizing and leveraging their employees’ unique talents, even if those talents aren’t aligned with their passion. They encourage employees to mentor others and share their expertise.
  • Patience and Job Satisfaction: The changing job landscape, where people switch jobs more frequently, may be due to a desire for continuous growth and a focus on self-expression.
  • Balancing Scripted Experiences and Personality: The balance between scripted experiences in customer service and allowing employees to showcase their personalities. It emphasizes that effective communication goes beyond scripted words and involves factors like tone, energy, and intent.
  • Rapid Technological Advancement: Technology is advancing at an unprecedented rate, causing information to become outdated quickly and changing the expectations of individuals entering the workforce.
  • Shift in Aspirational Figures: Historical business figures like the Carnegies and Vanderbilts no longer serve as the primary role models for aspiring professionals due to the changing nature of work.
  • Infinite Mindset and Just Causes: Younger generations are motivated by an infinite mindset, seeking just causes and movements that align with their values and being willing to make sacrifices for these causes.
  • Impact on Company Culture and Communication: The shift towards more independent or contract-based work can impact company culture. Effective communication and understanding of individual personalities are essential for meeting employees’ needs and expectations.

Chuck’s Top 3 Takeaways for the Audience:

  1. Look in the mirror today and give appreciation to yourself.
  2. You don’t need a better life; you just need different options. You don’t “need” to shift, get to “choose” to shift.
  3. Get into the habit for time blocking. Set time aside for self-care. Your family and friends need the best of you, not what’s left of you.

How to Connect with Chuck:

Your Best Life Website: www.YBLNow.com

Email: Chuck@YBLNow.com

LinkedIn: www.linkedin.com/in/chuck-hogan-b8610148/

The Art of Requirements Traceability: Keeping Your Project on Track 

/ Jana

What’s the Buzz About Requirements Traceability? 

So, what exactly is “requirements traceability”? It’s the process of linking and tracking requirements throughout the entire project lifecycle. Think of it as a roadmap that ensures your project stays on course, meeting all the intended goals and objectives. Why is it so important to the success of a project? Here are a few reasons: 

  1. Clarity and Understanding: Traceability provides clarity on what’s expected from the project. It helps everyone involved understand the big picture and how each requirement fits into it. 
  1. Change Management: As projects evolve (and they always do), traceability helps manage changes by showing the impact of alterations on other parts of the project. 
  1. Quality Assurance: It ensures that all requirements are met, preventing costly errors and rework down the road. 
  1. Regulatory Compliance: For industries with strict regulations, traceability is often mandatory to demonstrate compliance. 

Creating a Traceability Matrix 

The backbone of requirements traceability is the trusty “Traceability Matrix.” It sounds complex, but it’s simply a table that links requirements from one phase to another. Here’s how to create one: 

  1. List Your Requirements: Begin by documenting all your project requirements. You can use a spreadsheet, specialized software, or even good old pen and paper. 
  1. Define Relationships: For each requirement, establish relationships with other related requirements. This can include dependencies, parent-child relationships, or any other connections. 
  1. Trace Through Phases: As your project progresses through different phases (e.g., planning, design, development, testing), ensure that each requirement is traced to its corresponding deliverables in each phase. 
  1. Maintain It: Keep your traceability matrix updated throughout the project. When requirements change or new ones emerge, make sure they are reflected in the matrix. 

Best Practices for Requirements Traceability 

Now that you know how to create a traceability matrix, let’s talk about some best practices to ensure your project remains on track: 

  1. Start Early: Begin tracing requirements from the project’s inception. The earlier you establish traceability, the easier it is to manage changes. 
  1. Document Changes: Whenever a requirement changes, document the reason, and update the matrix accordingly. This keeps everyone in the loop and avoids confusion. 
  1. Use Tools Wisely: Consider using dedicated traceability software or project management tools with built-in traceability features. They can save you time and reduce the chance of errors. 
  1. Regular Reviews: Conduct regular reviews of the traceability matrix with your team to ensure alignment and understanding. 
  1. Training: Provide training to your team on the importance of requirements traceability and how to use the matrix effectively. 
  1. Keep It Simple: Don’t overcomplicate things. Your traceability matrix should be clear and easy to understand for everyone involved in the project. 

Remember, requirements traceability is not a one-time task; it’s an ongoing process that evolves with your project. Embrace it as a valuable tool to keep your project on the path to success. 

Requirements traceability might not be the flashiest aspect of project management, but it’s undoubtedly one of the most crucial. It ensures that your project stays true to its goals, adapts to changes gracefully, and delivers the quality results you and your stakeholders expect.  

Corporate CPR Episode 96: Whether You Should Be Considering Return To Work

/ Jana

On today’s episode we are talking about whether you should be considering return to work.

Doug Camplejohn, a seasoned tech executive and entrepreneur, is the Founder and CEO of Airspeed, a platform for enhancing employee connections and recognition. With leadership experience at LinkedIn, Microsoft, and Salesforce, Doug is also an investor and advisor to startups. He’s a frequent speaker at industry events and is passionate about leveraging technology for innovation and improvement. He graduated from Carnegie Mellon University.

Episode Highlights:

  1. Return to Work Dynamics: The discussion on returning to work highlights diverse perspectives, including those in favor, against, and undecided on the matter.
  2. Motivations for Returning to Work: The motivations behind companies pushing for a return to the office are explored, including factors like real estate concerns, habit, and potential mistrust.
  3. Flexibility and Hybrid Work: The importance of workplace flexibility is emphasized, exemplified by Apple’s approach of making remote work an earned privilege based on performance.
  4. Fostering Connection: Strategies for fostering connection in remote and hybrid work environments are discussed, including techniques like Ice Breakers, which help team members get to know each other on a personal level beyond work-related discussions.
  5. Building Relationships and Mentorship: Building relationships in a remote work setting can be challenging, but it’s essential for mentorship and personal growth. The conversation suggests that employees should proactively seek out mentors and engage with colleagues through tools like virtual meetings and apps designed for connecting people.
  6. Remote Work Offers a Global Talent Pool:  The ability to hire talent from around the world is a major benefit of remote work. This global talent pool allows companies to find and employ individuals with the skills they need without being restricted to a specific geographic location.
  7. Work-Life Harmony: Companies should emphasize “work-life harmony” rather than “work-life balance.” Remote work allows employees to have more flexibility in managing their work schedules to accommodate personal commitments, ultimately leading to happier and more balanced lives.

Doug’s Top 3 Takeaways for the Audience:

  1. You can’t leave culture to chance; you have to be deliberate. 
  2. Culture isn’t about words on a plaque. People are everything. 
  3. The role of startup CEOs, and even managers in larger corporations, is MVP (Money, Vision, People). 

For More Info About Resources Mentioned in this Episode:

https://b.link/corporatecpr

How to connect with Doug:

LinkedIn: https://www.linkedin.com/in/camplejohn/

Email: d@getairspeed.com