Things I’ve Learned…(and am still learning).
Posted on April 1, 2011
By Bob Coughlin, CEO Paycor
Quick Tip: Simple planning exercise: Prune or Double Down?
Our fiscal year starts July 1, so we are in the heart of planning time. One exercise that I use for all of our initiatives is to decide what to prune and where to double down, as opposed to just continuing to do the same things. So,I ask each leader to think about where they should apply their resources. For me, doubling down is always easy because there are lots of things I want to accomplish. Pruning is always the hard part, but it’s necessary so that we have resources to double down. There are many data points and analyses in strategic planning, and sometimes a simple exercise simplifies the thought process.
Businesses that try to be all things to all people will probably struggle. The temptation of payroll services (and accounting firms) is to keep offering more services to add a revenue stream or make the client stickier. But there are tradeoffs. One of the lessons in Jim Collins, Good to Great is that you will not be a great business unless you are absolutely great at your core business. When I think about adding services, I lay them next to all of the other initiatives of the business and ask: Prune or Double Down?
P.S. CPA Care is…a Double Down.
Go to www.paycor.com to find more tips from CEO, Bob Coughlin.