Create Transformational Change by Stopping

Recently, I received a letter from a participant in one of my seminars. A key point I often make is that people in finance should “stop doing dumb stuff.” Much of this “dumb stuff” masquerades as standard finance processes. But if you reflect on its purpose and how well the steps actually fulfill the purpose, you quickly see it clearly is dumb stuff.

Some specific examples include:

1. Budgets whose targets are out-of-date before the year even begins.
2. Monthly budget variations comparing actual performance to budgeted performance when the previous summer’s budget assumptions have long since been proven wrong.
3. Producing accounting reports no one is looking at or needs.

Read more... | Source: The Big Fat Finance Blog.