Tunnel vision. Merriam-Webster defines tunnel vision as “extreme narrowness of viewpoint or single-minded concentration on one objective”. Sound familiar? Have you ever sought a second opinion for a medical procedure? Have you shopped around and looked at different cars, refrigerators, or TVs?
Today in business, whether our resources are limited by the breakneck speed of trying to grow a new business or integrating a new acquisition into our culture, the temptation is to skip “another view.” Due diligence, planning, and review take time to do right.
Bob Pyle, President and CEO of Pioneer Metal Finishing, shared a learned example recently during a presentation at the St. Norbert College CEO Breakfast and Strategy Series. His firm had successfully completed five acquisitions and successfully integrated the respective companies into the Pioneer Metal Finishing model. The sixth acquisition proved to be much more difficult. One key miss he called out during his presentation, was the due-diligence-miss concerning asset conditions.
Given the success of the last five acquisitions, they applied the same process for review of existing equipment. Unfortunately, there were more issues than they had determined as part of the due diligence process. Yes, a miss. Equipment broke down, quality suffered, on time delivery tanked. Customer satisfaction took a major body blow. On reflection, Bob shared that outside input, “another view,” would most likely have identified the issues and avoided some costly repairs and upgrades.
For new businesses, the speed at which decisions must be made during strategic growth makes every decision critically important. Bay Point Food Group has had the opportunity to work with an exciting group of entrepreneurs growing their businesses.
We’ve worked with a logistics company, supplying accounting services, so that the operational team stayed focused on daily business to support strategic growth. The accounting support we delivered created an opportunity to offer insight into the growth plans being considered. ‘What if’ scenarios were developed to highlight possible outcomes and understand the fit and impact to the business.
Taking a step back, removing some of the emotional capital, and embracing “another view” created a stronger foundation for making the best decision. Conversations to understand the assumptions and challenge potential outcomes ensued. In the end, “another view” created a broader platform for making better decisions.
The process of seeking “another view” is done every day in business. An attorney’s opinion and a CPA’s input are two examples of expanding your team and getting “another view.” Input that makes you and your company better.
How can BPFG work with you to create “another view?” Our team is prepared to help craft that solution to better address “another view” for your Growth, Operations, and Finance questions.