Question: Who is the intended audience?
Answer: Anyone who wants to understand more about risk in their life or business, including business owners, managers, executives, and employees who want to know more about the risks to their jobs if their company is endangering jobs by not balancing risk taken and reasonably projectable rewards obtainable.
Q: What is the book about?
A: In Stick Out Your Balance Sheet and Cough, Gary Patterson details for the first time the proven methods he’s used to successfully treat ailing companies of all sizes across a range of industries–from a startup purchased by IBM to a public technology company sold to eBay to an Inc. 500 consumer goods manufacturer to an international Fortune 500 firm.
Offering tips to stanch the internal financial bleeding and providing a daily regimen for ensuring your company’s financial health, the FiscalDoctor’s prescription is clear:
• Give your company an overall checkup to gauge its condition
• Diagnose problems by reviewing your financials and operations
• Implement a treatment plan using Best Practices from world-class successful companies
• Create a wellness program to prevent future fiscal crises
Using the FiscalDoctor’s Best Practices, the high-growth company you own, manage or
direct can avoid unnecessary increased expenses, revenue shortfalls, employee layoffs, missed bonuses or broken dreams.
So open this book and say “Profit.”
Q: Why are you the best person to write this book?
A: Gary W. Patterson, The FiscalDoctor®, actually uses these methods developed over more than 30 years of top management experience with companies in manufacturing, technology, wireless, service and distribution in companies from start-ups to Inc 500 to Fortune 500. Several reached 10x compounded annual growth in revenue. He was the European coordinator for a global enterprise-wide leading-edge supply chain re-engineering pilot software application for Robertson CECO, a Fortune 500 company. The project was selected as a premiere site by J D Edwards and he was one of three worldwide pilots for a dimensional MRP software module. Gary also successfully negotiated more than 25 M&A transactions with a market value exceeding $390 million. Gary holds an MBA in Finance and Operations from the Stanford Graduate School of Business, a BA in Accounting from the University of Mississippi, and is a KPMG Big 4 CPA.
Q: How is this book different than other books on this topic?
A: Patterson offers a commonsense approach to risk management that unlocks added value for existing or new ERM programs, both identifying formerly invisible opportunities and revealing key risk areas executives unwittingly take.
In these turbulent economic times when risk is a guaranteed certainty, Gary Patterson unlocks the “hidden risks” that could topple even the best of companies. Even before Bernie Madoff, he saw companies struggle, even die from self inflicted risks they unknowingly took. To this end, Patterson helps companies develop and implement an ERM strategy to ensure a company’s long-term financial growth.
Patterson offers readers seven takeaway tips:
• Management needs to “bite the bullet” and just get started. Often companies want to start at too high a level of sophistication and quit because of the “perceived” challenges. Patterson offers a basic starting point.
• Patterson zeroes in on five operational areas where an ERM strategy will result in immediate improvements.
• Even viable business models need continuous fine tuning to help re-define and manage risk.
• The greening of America will necessitate that every company have an ERM strategy.
• Even cash-strapped companies can find innumerable ways to improve their cashflow. Patterson’s Resource Sections offer additional tips to improve a company’s balance sheet.
• Executive teams must come to terms with their risk tolerance in order to implement an ERM strategy that works for their companies’ cultures.
• Corporate board packages that are delivered less than six days before a board meeting is a sign that there may be systemic operational problems (read risk) lurking inside the company.
Q: Is there anything else we should know about this book?
A: This enterprise risk management (ERM) book includes stories on how a Fiscal Checkup can save your business life. “What You Don’t Know About Your Business Can Cost You Your Business.” That is why sticking out your balance sheet and coughing gets you what you need to know in time for any needed procedures which can mean the difference between life and death. Sticking out your balance sheet is no more comfortable than a visit to your doctor, but it’s every bit as important. Even if it’s bad news (maybe especially) you need to know.
This commonsense approach to risk management unlocks added value for existing or new ERM programs, both identifying formerly invisible opportunities and revealing key risk areas business unwittingly takes.
Too many CEOs, C-suite officers, and boards are taking far greater risks than they may be aware of. Posing the million-dollar-question, “What is the cost of what you don’t know,” this session alerts managers to hidden risks that may be lurking inside their projects and even companies.
For example, in this rapidly accelerating world where layers of management and large numbers of employees have been fired or their work outsourced, decision makers are under siege. After adding factors like silo-thinking departments, inadequate reporting systems, and a challenging global economy, companies are taking far greater risks than CEOs and C-suite officers and their boards are aware of. Examples of risks can range from inventory mismanagement, outdated and/or incomplete financial reports, and false accounting assumptions to external forces like misreading the market, losing competitive advantage, and missing opportunities.
And as another point of WIIFM, you will find you can implement a basic version of this which can make you more money, including saving your bonus in some future year, or maybe this current year.
A video of Gary discussing his book is available at http://www.youtube.com/watch?v=OXhsY8hP70A