Mike Sibley on Strategic Finance, Revenue Growth and Valuation

An Accountant Might Advise to Slash Marketing, but Strategic Finance Might Say "Not so Fast"!

From Vermont to Florida. From Accounting to Manufacturing. Mike Sibley has had an interesting professional journey.

While he's unapologetically an accountant, he's also quick to highlight the difference between typical accounting vs. strategic finance. And much of the work he does is as a business consultant rather than a number cruncher.

That means his perspective is a bit different than other finance folks. He recently led his team through sales training, for instance, and as the leader of James Moore & Co's manufacturing practice, he participates energetically in marketing efforts. He's a podcast host himself, with a monthly "Moore on Manufacturing" episode with cohost Kevin Golden.

In this episode Mike and I dive deep into the friction that sometimes exists between finance and marketing/sales, and we talk about how the right strategic finance perspective helps support corporate strategy and guide decisions based on business valuation as opposed to the latest financial statement.

Connect with Mike to follow his periodic posts and to connect with him to learn more about how he helps industrial manufacturers apply strategic finance thinking to their business.

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Accounting, Manufacturing Finance, Process, Consulting, and Business Valuation - Mike Sibley on Industrial Growth Insitute Episode 40

Show Transcript

Episode Recap

Summary

Mike Sibley is a CPA and partner at James Moore & Co who specializes in manufacturing and distribution.

Mike brings a unique approach to accounting, which goes beyond traditional "number crunching" practices to include business consulting, workforce development, and the importance of revenue growth for valuation.

Mike shares insights on trends in automation, the role of marketing in accounting, and the significance of sales training for accountants. The conversation also touches on:

• innovative business models
• the impact of podcasting as a tool for client engagement
• critical aspects of sales training
• hiring the right candidates
• the importance of accountability in business.

They explore how to evaluate sales performance, manage stress, and the role of strategic finance in driving revenue growth. Mike offers insights on the significance of understanding financial metrics, funding initiatives, and the potential of strategic acquisitions.

Throughout the conversation, they emphasize the need for a proactive approach to finance and operations, ensuring that businesses are well-equipped to navigate challenges and seize opportunities.

Takeaways

• Accounting is more than just numbers; it's about storytelling.
• Workforce development is a critical issue in manufacturing.
• Valuation should consider operational efficiency and market conditions.
• Marketing is essential for brand awareness and client engagement.
• Sales training is often overlooked but crucial for success.
• Innovative business models can enhance customer loyalty and profitability.
• Podcasts can effectively deliver valuable content to clients.
• Understanding client needs is key to providing effective solutions.
• Revenue growth is a primary driver of business valuation.
• Governance structures can provide accountability and strategic guidance.
• Sales training is often overlooked but essential for success.
• Hiring the right sales candidates can significantly impact ROI.
• Accountability within teams fosters a culture of improvement.
• Understanding financial metrics is crucial for strategic decision-making.
• Debt can be a strategic tool when used wisely.
• Regular financial reviews help identify inefficiencies.
• Competitor analysis is key to staying ahead in the market.
• Acquisitions can accelerate growth and market share.
• Integrating finance with operations enhances overall business performance.

Takeaway Quotes from Mike Sibley

• "I'm not just a bean counter."
• "Numbers tell a story."
• "You lose revenue, you're losing opportunities."

Outline

Understanding Marketing, Sales & Revenue Growth in the Context of Strategic Finance

I've joined Mike and "Moore on Manufacturing" co-host Kevin Golden for several episodes of their podcast. We've talked about various topics including sales process, hiring second standard deviation sales talent, lead management and others. Episodes are available here.

One important thread throughout our conversations is that the process that guides accounting, production, and operations can also be applied to manufacturing marketing and industrial sales. That's the core concept in my Overall Revenue Effectiveness™ Framework.

Learn more about ORE™ (Overall Revenue Effectiveness) here.