Packard Business Consulting & Wealth Advisory

Our Process

The Packard Business Consulting process always includes the following. However, ultimately the process will be determined by the needs of the client.

Financial Statement Analysis & Forecast

We can start our engagements with an analysis of three years of financial statements and use this information to forecast the next five or so years based upon the trend in performance over those previous three years. This provides a solid foundation for setting realistic goals based upon historical performance, current company resources, and projected cash flows. We take the information or desires from the current management team’s goals and determine how realistic or crazy they may be.

Strategy Session

We can provide the forecast to ownership and then conduct a meeting with the owners and the senior management team to identify financial and performance drivers (critical factors) that can be better managed to positively impact future performance. This also includes discussing how to change things if the goals are unrealistic. This optional strategy session yields a high-level strategy and starts the process of creating alignment to the corporate vision.

Develop Fully Customized Management System

We then conduct planning sessions with all members of the management team that has responsibility for those financial and performance drivers (critical factors) and establish aggressive but achievable goals for the company based upon the historical analysis and strategy session. This meeting introduces the Critical Factors Management System and solidifies the process of creating alignment and engagement throughout the organization.

Monthly Performance Monitoring & Course Correction

Depending on the agreement, we provide a monthly update of financial statements which enables us to provide a rolling forecast including projected cash flows based upon current performance. We conduct a monthly, meeting with the management team to review performance and implement timely course corrections in order to ensure year-end goal achievement.

Year-End In-Depth Planning & Budgeting

We conduct a year-end, in-depth planning session, usually in November or December, during which every financial and productivity driver (critical factor) is analyzed and discussed. We work with the management team to revise the goals of the company for the next three years, develop a comprehensive strategy to achieve the goals (including contingencies for anticipated potential threats), and finalize the financial and performance budgets that will enable the company to achieve the goals for the succeeding year.

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