It’s time to hire a CTO

Most business leaders agree that their “…technology is mission critical to the success of the organization.” Who then should be planning this aspect of the business? Intuitively, small business owners depend exclusively on their IT Department for their technology planning. It may seem counter-intuitive, but business technology fails because leadership was not involved in planning the technology. As a result, statistically, 50% of technology projects fail. To grow small businesses to large businesses, the technology must grow in alignment with the business mission. Without business leaders, technology fails because the business technology does not fully support the mission of the company.

Picking Underperforming Businesses

“It’s easy to come up with new ideas; the hard part is letting go of what worked for you two years ago but will soon be out of date.” —Roger von Oech

If you are an investor, how do you identify underperforming businesses to invest in?  Most investors depend on their networks for Advice introductions, Referrals, and more.  If you'd like a better way, this may be the article for you.

A few years ago we began expanding our business network to include investment bankers and other business equity investors.  I recognized the needed to give back to our network.  As with all new people we add to our network, I began asking these equity investors, "Can you define your target customer?

Then we could reach out to our network to make appropriate introductions.

IT Silos and IT Layer Awareness

Your IT Due Diligence in a Nutshell 

There are several popular strategies investment bankers use when buying businesses.
• First, buying a business can be a quicker way to expand their customer base.
• The second strategy is to buy the R&D and new products of the new company.
A new strategy for Investment bankers is buying new companies for their Digital IP. Here's why 50% of IT projects fail. Instead of building your own and taking that risk, buy a company that has already successfully built the technology.
I was meeting over coffee this month with my investor friend, and our conversation inspired this article. I was asked, "How do you evaluate technology?" Then I was asked, "Can we inexpensively fix that technology? Kind of like turning lemons into lemonade."

IT Due Diligence Reporting: Dataflows

How dataflow diagrams can increase business value

I get a lot of questions about technical due diligence reporting and standards. There are also questions about our IT Due Diligence reporting and how our reports help buyers and investors. I shared this small snippet, from one of our IT Due Diligence reports, with an investment banker. His comments made me think that others might benefit as well. It is critical that a business, should not allow the technology department, so far removed from the business decision maker, to make decisions that may not be in compliance with the mission and vision of the organization.

Security & Compliance

A Managers Guide

If you have ever taken a Microsoft certification test on security, there is an assumption. Most security settings questions start out with, “Management requires…” The assumption is that no technical expert should make a security settings change, without a business requirement that comes directly from management. The problem is that nobody ever told the manager that they should be creating business requirements around Security & Compliance. When I walk in to talk to managers about business requirements, I usually get a blank look. When I explain what I need to management, there’s usually a bit of frustration. They assume that I am the security expert and therefore I should already know. This Article is to help managers (and technical security experts that talk to managers) to be understand what, why and how to guide a security team to build a safe and secure network.

Nursing Agency: How to Double Your Profits

 

No really, double profits, finally take a vacation, increase business value and more.

This year we've been working with nursing agencies to help them fill nursing shifts.  What we learned about agencies surprised us!  While there is a high demand for supplemental nursing, agencies are seeing their margins continuing to deteriorate.  What this means for these agencies is, even with high demand, agency owners are working more hours and seeing less profit.  The good news is that after working with these agencies on their technology for a few months,  many of these agencies saw that their margins improve.  With some agencies doubling their profit margins.  If you think you could live with doubling your profits we'll try to explain how we did it for these agencies and how you could improve yours as well.

Topics: Business Development Business Technology EBITDA Mutliplier

$340 million not spent on nurses

I am sure it's the same for you, but when I'm in a hospital, I am humbly grateful for the nurse that is taking such good care of me.  They have worked hard to become experts in their field: every two years, our knowledge of medicine changes by 100%.  Unlike most professions, every few years, they are re-certifying and keeping themselves up today.  Because there aren't enough nurses, the average RN puts in about two months of overtime a year on top of their 40 hours a week.  The medical profession, including nurses, sacrifices to be educated and available to do the job of taking care of the sick.  I can't help but be impressed.

Topics: Nursing Nursing Jobs

Recession-Proof: Business Model

I find there are several types of entrepreneurs in the United States. Each entrepreneur has a reason to start their business. Successful entrepreneurs have a passion that gets them past the difficult times and onto good times. What most passionate entrepreneurs do is think about business in the same way they feel about working for an employer. The most basic of the business models are selling time. Time is one of the variables in a business concept called the Triple Constraint,