Coastal Estate Planning

GQ Law/Coastal Estate Planning is a law firm based in San Diego and Orange County California. The firm specializes in estate planning, Wills and Trusts, Probate, and Trust Administration.

Analysis for Managers: The Most Important Measure

Posted on June 29, 2017 by Gary

Analysis for Managers: The Most Important Measure

Today’s post is to help you as a leader, manager, entrepreneur, family member and/or individual to perform perhaps the most important analysis of them all. And it begins with a question posed by management scholar and innovation strategist, Clayton Christensen: How will you measure your life?

After all is said and done what is truly most important to you? What are your deepest goals and desires? When you look back, what will be your measure of personal success?

No doubt, the vast majority would put family, relationships with spouses and children, faith, values, positive impact in the community, etc. as their measures of success. Now the question is, how well do you allocate your personal resources to reflect those desires?

When you analyze a company, you don’t look at it in terms of its intentions, you look at it in terms of how it actually spends it’s time, money, physical and human capital. Is it investing in new products, markets, technology or talent? Or is it grinding at the gears chugging along without much current investment in hopes of finding another organization to purchase?

Now what about you? As you look back on today, how did you spend your resources? Did the investments you made today align with your deepest goals and desires?

If not, it’s never too late to reallocate your resources and decide how you’ll measure your life.

This may be the most important executive decision you ever make!

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Analysis for Managers: Financial Ratios

Posted on May 31, 2017 by Gary

Analysis for Managers: Financial Ratios

Image result for financial ratios

If I were to tell you that someone weighs 75 lbs, you might say that he/she is a very light person. But what if I told you that person was a one-year-old? You would probably either fall off your chair, drop you phone on the ground or just flat out think I was bluffing.

And what if I told you that a certain company made a $1 million profit last year? Sounds like a big number, right? Does it change your perspective if I tell you that this company did $100 billion in sales last year? That’s only a 0.1% profit margin. Pretty slim in all reality.

The lesson here is a lesson on relativity. Measurement often becomes much more insightful when taken in context and shown with or in contrast to another measure. Weight to height, cost per square foot, profit to sales, short term assets to short term liabilities, etc.

Going along with our last post on cash flow, today we’re going to provide you with a quick list of places to go to find financial ratios that will help you dig a little deeper into your business’ financials. Here are three very useful sites on the subject:

Simple, easy to understand explanations of key financial ratios

Provides a quick reference guide separated by topic with easy calculation references

ZionsBank

A detailed guide to analyzing your small business financials—very helpful!

We hope these three resources, along with any others you find, will help you to do an even better job managing your business in order to keep serving your customers and taking care of you and yours.

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Analysis for Managers: Industry Analysis

Posted on March 31, 2017 by Gary

Analysis for Managers: Industry Analysis

The next important analysis to undertake around your business is an industry analysis. This is where we look at the entire landscape of the economic branch in which your business operates. To do this we’ll use a well-known and effective tool, called the “Porter’s Five Forces,” which helps a manager to understand the current and future profitability outlook of his/her business. Figuratively and literally, each of these “forces” presses/suppresses profit margins within a given industry.

So, grab some paper, a notepad, or a open new Word doc and let’s answer some questions.

Industry rivalry—How intense is the competition in your industry? Do you feel like you’re “one-of-a-kind” or are you working hard to get others’ customers?
Threat of substitutes —How easy is it for a customer to substitute your product or service for another and still get the job done?
Bargaining power of buyers—Do the buyers in your business hold the big stick?
Bargaining power of suppliers—Or do the suppliers hold the big stick?
Barriers to entry—How easy is it for someone to enter into your line of work? (i.e. start doing what you’re doing?)

Other important questions to ask include:

How is business changing in my industry? i.e. more online, demand for speed, lower prices, etc.
What do I see my customers wanting in 10 or 15 years?
Why are these changes occurring?

As you consider these questions, it’s essential to flex that analysis muscle and keep asking, why? Doing so helps us identify the true and fundamental trends that are occurring in our industries.

Industry analysis is a higher level and more future-centered analysis than others, and for that reason it is vital. A manager that analyzes his/her industry, looks to the future and makes investments/changes as a result is much more likely to stay profitable!

All our best in your journey to continue to seek future success.

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Analysis for Managers: Customer Analysis

Posted on March 30, 2017 by Gary

Analysis for Managers: Customer Analysis

As we begin our first functional post on analysis, let’s begin with a simple definition. One simple definition is:

“ [A] detailed examination of the elements or structure of something, typically as a basis for discussion or interpretation.”

With that in mind, today we’re going to examine our customer base and interpret their interactions with our business.

The two main things we recommend are 1) building and maintaining a detailed customer base and 2) talking to your customers.

Building a database will help you to discover patterns in your customers’ purchase behaviors so you can better understand who they are. With each new customer, find ways to gather information on them, i.e. a membership profile on your website, a loyalty program, using traceable tender (i.e. card numbers) or simply by taking time to watch who your customers are and taking hand notes on them.

Search for things such as: age, gender, race, income, where they live, what they like, why they came in who referred them, how they heard about your business, etc. Then start with some simple bucketing of the data, perhaps tied to how much they spend. Ask questions like:

Who is coming in? Older folks, millennials, families, higher/lower income, etc.
What percent of my business comes from each of these demographics?
Who spends the most or buys/uses your most premium products/services? Least premium?
How do most people hear about you?
What is the job that my product or service is being hired to perform?
Etc…

In the bestselling book, The Innovator’s Solution, authors Clayton Christensen and Michael Raynor teach that understanding a pattern in customers’ behavior is not enough to predict how they’ll act, rather it’s though the understanding of why they behave the way they do that you can begin to meet best their needs. That said, as we’ve now identified patterns, let’s develop theories as to why they emerge.

This is best found in two ways: 1) asking yourself why a pattern exists and 2) talking to your customers directly.

One great model for talking to your customers is by holding focus groups, or small sit downs with a few customers, to ask them questions (perhaps offering free things in return for their time) and then taking what you learn from a small sample to build a survey to send to larger groups. This can either be sent via email or simply filled out in person and put anonymously into a box. Everything helps!

Analyzing your customers this way will help you understand their wants/needs, identify who your target customers are and how better you can serve them. Good luck!

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