| Chief Financial Officer - CFO A Case Study from the Max Impact Family |
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Redirection results in triple digit ROI
This is the story of the Chief Financial Officer at a farming mid-western farming co-op. From a spreadsheet
point of view she was excellent. She understood future forecasting, money at present and future value, and
fiduciary responsibilities. For the most part she was excellent at her job. Yet there was one little thing that
aggravated her boss -- she gave away a lot of money.
The Problem.
The co-op used very specific activity-based costing for its charges. Competitors rolled some of these charges
into general service fees, giving the impression these activities were free. At face-to-face meetings the farmers
would object to these charges, citing that other co-ops did not charge them. The CFO would immediately
reverse the charges, thereby eroding the bottom-line.
Eventually the CEO reached the point that no matter how good she was numerically, she had to go. He thought the Job Match capability of the Profiles XT® online
assessment would show which position she was best suited for at the co-op.
The Diagnosis.
When the results of the assessment were reviewed it was discovered that she was actually perfect for the CFO position. This seemed inconceivable, but as they say on
television's CSI, “Trust the evidence.” A careful review of each trait identified by the Profiles XT® revealed nothing until a comparison of multiple traits uncovered an
obvious solution. In the farm country of the Great American Prairie people learn to be hospitable and to play by the rules. This CFO had learned these lessons well. When
someone claimed the charges were unfair, she did the hospitable thing by reversing the charges. However the assessment also pointed out she had a strong sense of
compliance. In other words, she would not break the rules.
The Prescription.
Her coach intervened and saved her job. He redirected her thoughts by getting her to view review reversal requests as a matter of compliance, not hospitality. She agreed to
give it a try. Surprisingly, it had an immediate and complete impact on the way she perceived reversal requests.
Future Prognosis.
As this is being written it has been more than two years since the Profiles XT® was reviewed. The CFO remains in her position and has reversed just three charges – which
were the result of input errors. Not only has the co-op has realized a triple digit return on their investment, they escaped the cost of hiring and training a new CFO.
Contact us to learn how to duplicate this success story in your organization.
This is the story of the Chief Financial Officer at a farming mid-western farming co-op. From a spreadsheet
point of view she was excellent. She understood future forecasting, money at present and future value, and
fiduciary responsibilities. For the most part she was excellent at her job. Yet there was one little thing that
aggravated her boss -- she gave away a lot of money.
The Problem.
The co-op used very specific activity-based costing for its charges. Competitors rolled some of these charges
into general service fees, giving the impression these activities were free. At face-to-face meetings the farmers
would object to these charges, citing that other co-ops did not charge them. The CFO would immediately
reverse the charges, thereby eroding the bottom-line.
Eventually the CEO reached the point that no matter how good she was numerically, she had to go. He thought the Job Match capability of the Profiles XT® online
assessment would show which position she was best suited for at the co-op.
The Diagnosis.
When the results of the assessment were reviewed it was discovered that she was actually perfect for the CFO position. This seemed inconceivable, but as they say on
television's CSI, “Trust the evidence.” A careful review of each trait identified by the Profiles XT® revealed nothing until a comparison of multiple traits uncovered an
obvious solution. In the farm country of the Great American Prairie people learn to be hospitable and to play by the rules. This CFO had learned these lessons well. When
someone claimed the charges were unfair, she did the hospitable thing by reversing the charges. However the assessment also pointed out she had a strong sense of
compliance. In other words, she would not break the rules.
The Prescription.
Her coach intervened and saved her job. He redirected her thoughts by getting her to view review reversal requests as a matter of compliance, not hospitality. She agreed to
give it a try. Surprisingly, it had an immediate and complete impact on the way she perceived reversal requests.
Future Prognosis.
As this is being written it has been more than two years since the Profiles XT® was reviewed. The CFO remains in her position and has reversed just three charges – which
were the result of input errors. Not only has the co-op has realized a triple digit return on their investment, they escaped the cost of hiring and training a new CFO.
Contact us to learn how to duplicate this success story in your organization.
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