Before we get into inventory, it's worth looking back at where this series started. In Topic #1: Product Development, I focused on solving real customer problems instead of simply looking at a competitor's product and trying to make it a little better. The point was simple: strong products should start with an unmet need, not with a benchmark. In Topic #2: Pricing & Channel Pricing, I talked about building the right pricing structure around that product, understanding your br

I’ve been wanting to write this article for a while, but I wanted to make sure I approached the topic accurately, practically, and in a way that's easy to understand, especially for leaders and business owners at smaller companies. A P&L can feel intimidating if you don't work in finance every day, but understanding the basics can dramatically improve your overall business knowledge and make you more comfortable discussing financial performance with a CFO, controller, or fina

Through my consulting work with companies doing less than $10 million annually, as well as fresh start-ups, I've learned that one area often needs more attention: P&L management education. That’s what led me to write this article (or maybe more accurately, a lesson plan) on how I believe a P&L should be built, understood, and managed throughout an organization. Now, I know some CFOs may disagree with parts of my approach, and leaders running $50 million companies may look at

Every company talks about growth. Far fewer spend enough time talking about what could stop that growth. That is the true purpose of risk management. Unfortunately, many organizations misunderstand what risk management actually is. They treat it as an insurance policy, a legal requirement, or a checklist that gets reviewed once a year during budget planning. Others become so consumed by avoiding risk that they stop making bold decisions altogether. Neither approach is correct

This might be a little overboard, but it gets the point across. For years, lean manufacturing has been held up as the gold standard for operational excellence. Build less. Carry less inventory. Reduce waste. Improve efficiency. Increase cash flow. On paper, it sounds like the perfect business model. But here's the reality: Lean manufacturing is not a one-size-fits-all strategy. It's a tool. Like any tool, its effectiveness depends entirely on how and where you use it. I've w

What? No Quality Department? In manufacturing, engineering and quality are often closely connected. They work together every day to design products, solve problems, improve processes, and support customers. Because of that relationship, many companies make the mistake of placing the Quality Department under the Engineering Department. While this may seem efficient on paper, it often creates challenges that can negatively impact product quality, customer satisfaction, and long