If your company doesn’t have a Fast Close, then you don't have a company. You have a big f@*king mess.
Fast Close means that the month’s numbers (incl. all reporting internal & external) are closed on the 2nd day of the following month the latest.
Pity that’s not standard practice yet, right?
#accounting #finance #financialmanagement #cfo #cfos #reporting #controlling #beyondbudgeting #relativetargets
Since 2008, the BetaCodex Network has promoted organizational transformation. Not transformation of "just any kind", but of the paradigm-shifting kind: We have been promoting the transformation from "command-and-control" to "decentralized and democratic". In order to achieve such transformations for entire companies, regardless of size, organizational structures need to change within the molds of an approach we call Cell Structure Design. But structural change alone is not enough: In order to ac
If your interests lie in the fields of corporate financial management, #controlling, and Beyond Budgeting, then the latest research paper from the BetaCodex Network on #RelativeTargets should be especially interesting for you! Our 22nd white paper outlines how to overcome fixed #targets and incentives, and eliminate the need for #annual planning, budgeting, cost management and obnoxious resource allocation, for good. It's the promise of #BeyondBudgeting, fulfilled.
https://betacodex.org/white-papers/paper/relative-targets-patterns-in-practice
Don't miss out on tomorrow's BetaCodex LIVE session, in which @soundslikeryan and I will talk about the latest #BetaCodex research on org #transformation and the #RelativeTargets approach. Learn how to get rid of #FixedTargets, #Budgeting, #planning, #costmanagement and bonus systems, for good. It's the promise of #BeyondBudgeting - fulfilled!
🍒 The online session: https://www.youtube.com/watch?v=XWkMCWKxchY
🍒 The research paper: https://betacodex.org/white-papers/paper/relative-targets-patterns-in-practice
Published in 2021, Relative Targets became the 3rd Work the System approach from Red42: It's nothing less than the reinvention of performance systems for organizations of all kinds: A powerful and elegant social technology for all organizations with 25 people or more that drives out waste, bureaucracy and stagnation.
Stop OKRing around!
Instead, opt for the #RelativeTargets approach to performance systems:
It's straightforward. It requires neither planning, nor forecasting, nor window-dressing, nor target negotiations (at all!). It will forever make the members of an organization be aware of their organization's reality. And that's quite a feat.
http://www.relativetargets.com
Published in 2021, Relative Targets became the 3rd Work the System approach from Red42: It's nothing less than the reinvention of performance systems for organizations of all kinds: A powerful and elegant social technology for all organizations with 25 people or more that drives out waste, bureaucracy and stagnation.
Yesterday's edition of BetaCodex LIVE is online! Rijon Erickson and I talked about the Relative Targets social technology (www.relativetargets.com), about what it entails and about why Relative Targets is about "no plans, all performance!"
Watch the session here: https://www.youtube.com/watch?v=ibFpJ6Flvso
#relativetargets #betacodex #performance #targets #collaboration #okrs #nookrs #beyondbudgeting #noplanning
Niels Pflaeging