black holes and taboos: dealing with difficult and delicate issues

BOARDROOM BLACK HOLES AND TABOOS The Conference Board of Canada

Helping Business Leaders Find Blind Spots: Before They Blindside You


Let’s Discuss

Create the ArticlesReview Poll ResultsUnderstand the Top 5 IssuesTarget Opportunity or RiskExecute tacticsObtain extra resourcesAnswer questions

About Fiscal Clinic© & Black Holes

Checkup: identify pressing issues

Diagnosis: thorough review at enterprise level

Treatment: implementation of best practices

Wellness : maintain corporate health


Poll Results

ResultsKey InsightsCreate opportunity or mitigate risk


Research identified 20 issues

Issues highlighted five main themes:

True customer and service profitability: 3, 11, 16, 19

Handle change: 8, 10, 12, 13

Overly optimistic financials & procedures: 4, 5, 6, 17

Opportunity Cost: 1, 2, 9, 14

Self Puffery: 7, 15, 18, 20

Create opportunity or mitigate risk discussion


3. Need Sexier HR


Succession planning does not cover the top 3 levels of your people

11. Kodak Syndrome


Too much reliance on past success

16. Volume Control


We could benefit from more contributions from quieter and more appropriate board voices on a given topic.

19. Ostrich Syndrome


We don’t do enough benchmarking of our company against other firms in our space or even outside our space.

8. Gold Watch Syndrome


One or more directors retiring in place.

10. Unwilling to Take Enough Risk


Too much hedging rather than investing in “game changing” initiatives.

12. Squandering Director Skills


What would you do differently if you thought you would lose your three most strategic and operationally focused directors in the next six months?

13. Political Correctness Run Amok


Erring on politeness when actually speaking out is more appropriate.

4. Too Much Motorola or Sears


Not enough focus on innovation

5. Follow The Money


Incentive plans could be tweaked to encourage our best long-term corporate interests versus this quarter or year’s results

6. Rules of the Road


Risk appetite could be better defined and mutually agreed for management behavior

17. Functional Obsolescence


We are not sufficiently investing in training, intellectual property and equipment

1. Over Reliance on Information From Management


2. Urgent Overwhelms The Important


9. Opportunity Costs


Reallocate resources and think bigger

14. Failing the 3 M Test


We are not sufficiently focused on new products and services.

7. Too Much Rear View Mirror


Need more timely, right and accurate information for management and leadership.

15. Accelerated Blurred Lines


Lack of clarity on our CSR initiatives and how they relate to our broader corporate strategy.

18. Failing to Keep Up


We under-invest in director refreshers or updates.

20. The 1% Rule


Fail to consider the distribution of pay equity from CEO to entry level worker.

Create Opportunity or Mitigate Risk


Seek out and destroy 175 Pound gorillas.Reallocate resources to grow the top line. Create flexible capabilities up and down.Encourage trusting culture that shares information.Create the right, accurate, timely metrics.

Common Misconceptions

JIT risk, IT and financial statements staffing levels.It’s too hard to project and monitor cash.Political cost is too high: ignore Million $ Blind Spots.Gold watches still exist.Outside expert support is a sign of weakness.


Questions?



Take Away Points

Which Issue: By When?

1. Easy to change _______________by___________________.

2. Already been put off too long ________by _____________.

3. Game changer ________________by______________________.


Extra Resources

EBook on 5 major common risks http://tinyurl.com/ykt7wzx

Downloadable eBook: Find Your Million Dollar Blind Spots: 7

Things You need to Know http://www.fiscaldoctor.com/?p=910

Book website is http://www.milliondollarblindspots.com/

Boardroom Black Holes and Taboos

http://www.fiscaldoctor.com/?p=1678

Guidestar Link: http://tinyurl.com/l2rf7we


Contact Gary W Patterson, FiscalDoctor®

Email: [email protected]: 678-319-4739Website: www.FiscalDoctor.comTwitter: ERMadvocateLinkedIn: www.linkedin.com/in/garywpatterson Facebook : https://www.facebook.com/pattersongaryw


Thank You!
