In this week’s issue…
How A Policeman Can Help You Make Money
366 words, total reading time <2 minutes
We long ago learned the value of having a Corporate Troll. Not to be confused with the company Controller, tho they are sometimes the same person. But many companies have/need both.
Now, I’m not talking about Internet trolls, who disrupt forums with provocative posts. Those people are clearly in need of something to do.
I’m talking about the Troll of Three Billy Goats Gruff fame, the one who lived under a bridge and ate anyone who tried to pass.
In the retail company Steve ran for 20 years, the troll lived in the warehouse. He huffed and puffed and threatened to eat the head of anyone who tried to take anything in or out of his warehouse, without the proper paperwork.
He was a controller’s dream, someone who would police the troops to dot I’s and cross T’s, so the controller’s admin team didn’t have to spend valuable detective time tracking down mistakes.
That helped the president of the company (Steve) get the management info he needed, when he needed it. His company’s monthly reports of sales and gross profits were ready by 10a on the first of the month.
Years later, we are watching companies struggle to get management info within the first ten days of the following month. Because of admin processes fraught with error, they spend great amounts of time tracking down and correcting mistakes. Meanwhile, the manager(s) operate without good feedback to tell them which parts of the business are doing well, and which parts need work.
It’s hard enough to make money, even with good reporting. It is IMPOSSIBLE (oops, shouting like a troll) to earn the profit a company could/should, when daily processes aren’t established, followed, and enforced.
We’ve talked before about the importance of good admin processes in a company. That means having someone who knows how things are supposed to be done – and also someone with the authority/chutzpah to ensure that everybody does their part correctly.
Does your company have a defined process?
Does your office manager/bookkeeper know how things are supposed to be done? Are you, the owner, in full support of their insistence that things get done correctly?
Or, do you need to hire a troll?