CFO Series: Essential Cost Containment - 5 Tech & 3 [NT] - NEW! - Webcast
Overview
We all want to make the organization more profitable, but do we do it the best way? Many simply hack away at costs and then repeat the same unwieldy process every eighteen months. Do our internal and external customers truly understand our numbers? There is a better way to communicate financial information, so they DO understand and take the proper actions. Building an effective team always results in improved performance, talent retention and reduces costs. We also discuss the ethics of creativity - is creativity good or bad or a mixed bag? We will discuss how, and specifically what, you can do to rein in costs and get the most from what the organization already has and remains ethical. These four sessions will help you become better at controlling the right costs and becoming more successful.
This day of the CFO Series will focus on these four topics:
- Improving Profitability the Right Way: How to Cut the Right Costs
- Building High-Performing Teams: Cohesive Teams Get Results
- Do Creative Accountants Belong in Prison?
- Storytelling Your Financials for Impact: Narrative Beats Numbers
OSCPA has partnered with the Idaho Society of CPAs for this event.
Highlights
Session 1: Improving Profitability the Right Way: How to Cut the Right Costs
Cost cutting is easy, cutting the right costs is NOT easy. Most cost-cutting exercises fail either; by cutting the wrong costs, cutting too much, ignoring interrelated impacts, taking shortcuts, cutting too little or waiting too late. The internal politics are problematic. One key solution is to take sufficient time to plan properly and assess the true goals and objectives? Planning is essential, we will show you how to cut the right costs correctly and avoid career-killing blunders.- Understanding what the goal really is
- Better planning, ready aim and then fire
- What are the crucial considerations
- Why do others in the organization hate to cut costs
- What are the 'ripple' effects
- What are the right costs to cut and not to cut
- What are the more common mistakes made
- The need to consider politics, culture, and strategy
- Fourteen (14) different perspectives to utilize to cut costs efficiently
- Over fifty (50) uncommon cost cutting possibilities
- How to prepare for the next cost cutting exercise
- A proven process to cut the right cost in an organization
Objectives:
- Understanding how to choose which costs to cut and which not to cut.
- Defining the role and purpose of each cost cutting exercise.
- Review non-traditional approaches to cut costs.
Session 2: Building High-Performing Teams: Cohesive Teams Get Results
Teamwork is the ultimate competitive advantage both because it is so powerful and so rare. Why do some teams produce and win, while others fail? What do great team leaders do that makes the team a success? Whether you run the executive staff of a multinational company, a small department within a large organization or even if you are a team member in a small team that needs improvement, we will share proven techniques to enhance teamwork. It is not complicated to build a team, but it takes effort, and we will show you how.- What are the five clear signals that teamwork is broken
- The pervasive myths about teams
- Why conflict is necessary for effective teams
- Why winning teams are built on and depend on trust
- The value of assessments and diversity
- Your fifteen-step action plan to build trust and enhance teamwork
- Retaining your best talent
- The essential steps leaders must take to enable teamwork to flourish
Objectives:
- Understanding the symptoms of poor teamwork.
- Appreciating proven techniques to enhance cooperation, trust, communication, listening and teamwork.
- Understanding that the best leaders are unselfish and put the team first.
Session 3: Do Creative Accountants Belong in Prison?
Creativity is one of the top ten most desirable traits, but should everyone, including accountants, be creative? Are there exceptions? What are the positives and the downsides of creativity? Creativity can be used for good, but creativity can also lead to serious, unethical behaviors. There is a strong relationship between creativity and dishonesty. We will review the negative consequences of creativity and discuss how to properly utilize resourcefulness and imagination. The title is not rhetorical - creativity can easily be great or disreputable, learn how to make it work for you - and be ethical.- Should accountants be creative
- The pros and cons of creativity
- The inherent problems of creativity
- Creativity is not an excuse
- The tangled correlations between creativity, ethics, and dishonesty
- The interrelationship between the Code of Professional Conduct and creativity
- Citations from the Code of Professional Conduct
- What is the impact of creative accounting on our constituencies
- How to effectively and ethically harness creativity
Objectives:
- Understanding how creativity may lead to unethical actions.
- Understand the relationship between ethics and creativity.
- Discover how to properly utilize creativity in a beneficial manner.
Session 4: Storytelling Your Financials for Impact: Narrative Beats Numbers
Data alone does not drive decisions—stories do. Financial professionals must go beyond spreadsheets and craft compelling financial narratives that engage boards, CEOs, and team members. Using real-world examples, we will demonstrate how to frame financial results within a broader business story, drawing insights and communicating tangible meaning - instead of just displaying boring numbers. Learn how to shift from "presenting financials" to telling a story that aligns with strategic goals, inspires confidence, and drives action. This session equips attendees with the tools to turn financial statements into strategic storytelling assets. Our clients do not recall numbers, but they do remember stories. Stories are memorable, we will show you how.- Why does storytelling always beat data-dumping in financial communication
- Anatomy of a great financial story: structure, characters, and turning points
- The role of context, trends, and insights in financial messaging
- How Apple uses financial storytelling to engage stakeholders
- Visual tools and techniques to support your narrative
- Communicating with non-financial audiences: clarity without oversimplification
Objectives:
- Understand the benefits of storytelling in financial communication.
- Identify the elements of telling a story and relating them in a compelling financial narrative and apply these techniques to enhance board and executive presentations.
Prerequisites
At least six (6) months of professional financial statement analysis experience and/or at least six (6) months of professional experience in preparing or reviewing accounting processes and reports; experience working with internal clients or external clients and business leaders.
Designed For
Corporate financial leaders, financial managers, CEOs, CFOs, controllers, accountants, board members, advisors, and consultants; CPAs in public practice and CPAs in industry; business owners, entrepreneurs and professionals who are interested in learning more about how to cut costs, make reports understandable and understood, getting the most from the talent, managing creativity and ethics.
Objectives
See objectives listed above.
Leader(s):
Leader Bios
Don Minges, Principal, The Knowledge Institute LLC
Don Minges, MBA, is a fractional CFO who works in diverse industries at various stages. His expertise is in profitability enhancement, strategic planning, venture capital, mergers & acquisitions, consulting, turnarounds, economic forecasting, cost accounting and financial analysis. Don has experience raising equity and has invested equity into promising businesses. He has served on the Board of Directors for several firms. Don graduated with highest honors from the Fuqua School of Business at Duke. Don's mission is to increase the value of the business and to help leaders like you become more effective. His business is based in Charlotte, NC.
(1/30/24)
Non-Member Price $410.00
Member Price $310.00