Time is money! Right?
The phrase has resonated on corporate floors for decades. It’s negative connotation towards productivity meets it’s match with “due diligence”.
Due diligence as a process can be slow and is time consuming but should never be overlooked.
As any business grows, contracts or changes, the actions chosen by management require more scrutiny to ensure the business goes in the intended direction and sustains it’s existence. Avoiding the due diligence process can be extremely costly.
Due diligence happens in all forms and you should never step away from it for the sake of saving time.
In my professional roles and as I’ve progressed through my career I’ve become an avid note taker and planner. Its been inevitable because of what it provides:
Thoroughness – I am hired for my expertise and expert opinion and I need to be able to support my cause. Documenting a detailed plan and executing with precision ensures that I get the results im looking for.
Compliance – In a compliance reporting type role, such as a CFO, the manner in which we evaluate data derives it’s quality. As a CPA, being governed by a solid set of rules, the planning process also ensures no steps are overlooked. Compliance by nature requires a standardized way of processing data.
Efficiency and scaleability– A properly described plan will aid as a checklist and template for future projects. A properly documented plan can be re-executed efficiently and effectively over and over.
Check list & Strategy – When executing a plan, the action items will serve as a checklist. Allowing you to focus on the task at hand without loosing sight of the bigger picture
Documentation & Education – Proper documentation of an executed plan will provide the ability to perform a detailed “post mortem” of the outcome. The documentation in its entirety can be used as an educational tool for those new to the process as well.
Don’t under estimate the value in planning.
Time is money, but strike a balance with due diligence.
We can help in the planning process
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To develop business strategies for growth & sustainability,
Through leveraging resources and easing commitments.
Peter Teunissen, CPA (ca)
Founder & CEO
– Leverage Consulting Group –