1) After 20 years of continued development, very successful Croatian companies started facing difficulties due to a lack of quality information that could not be obtained through intuition alone.
2) Owners of these companies, who had been building them for 20 years, reacted too late when problems arose because they lacked controlling systems to properly analyze data.
3) The current economic crisis has created an opportunity for controlling to take hold in Croatia. Company owners are realizing business intuition is no longer sufficient and that they need the right information and analysis to actively respond to challenges.
Stampify, a Decentralised Corporate Governance Platform (whitepaper)Laurent Kinet
Corporate governance – the way companies are created, managed and controlled – is both burdensome and necessary. Both practices and requirements are obsolete. The blockchain may be the winning attempt where previous technology leaps have since failed to revolutionise them. Stampify aims at bringing businesses into the 21st century thanks to a decentralised corporate governance platform, which is the first stage of a bigger business transformation journey on the blockchain, embracing accounting, finance, private equity, human resources and business activity. The market potential is global, including emerging countries which are in high demand for authentication and decentralisation.
Emergence of a truly global work forceNair and Co.
As employers around the world face a talent crunch for accounting and finance professionals, the time is ripe for the emergence of a truly global work force—people who are talented and can accomplish anything, anywhere. We are talking about economies with massive accounting needs and tax and compliance regulations Byzantine enough to challenge the Rubik’s cube. As a finance professional, it is time to start thinking about your opportunities globally.
Stampify, a Decentralised Corporate Governance Platform (whitepaper)Laurent Kinet
Corporate governance – the way companies are created, managed and controlled – is both burdensome and necessary. Both practices and requirements are obsolete. The blockchain may be the winning attempt where previous technology leaps have since failed to revolutionise them. Stampify aims at bringing businesses into the 21st century thanks to a decentralised corporate governance platform, which is the first stage of a bigger business transformation journey on the blockchain, embracing accounting, finance, private equity, human resources and business activity. The market potential is global, including emerging countries which are in high demand for authentication and decentralisation.
Emergence of a truly global work forceNair and Co.
As employers around the world face a talent crunch for accounting and finance professionals, the time is ripe for the emergence of a truly global work force—people who are talented and can accomplish anything, anywhere. We are talking about economies with massive accounting needs and tax and compliance regulations Byzantine enough to challenge the Rubik’s cube. As a finance professional, it is time to start thinking about your opportunities globally.
In Serbian language thare is the same word for : "world" and "holly" / "svet" /. This author think this is remains from one old neolithic, Vinca culture, 4 500-2 500 BC, which existed here, peaceful and with "love to world", with woman sens as important in society
A.T. Kearney: GCC Family Businesses: Unlocking Potential Through Active Portf...Semalytix
Since 2008, times have been tough for family businesses. The antidote: tapping into hidden value.
Like families in general, family businesses seem to function relatively well in troubled times. In fact, many studies show that, in the long run, they perform better than other business models. Key factors for their ongoing success include a management perspective that emphasizes the long term, strong brand and family name recognition, and often a strong focus on the core business.1
But in the Gulf Cooperation Council (GCC), family businesses are trending in the opposite direction.2 During the recent crisis, they have been less resilient than the rest of the economy despite a pre-downturn history of rapid growth and market dominance. Since 2008, the A.T. Kearney GCC Family Conglomerate Index has decreased by 60 points, while the Bloomberg GCC 200 Index has decreased by 40 points, a 20-point performance gap (see figure 1).3 After a tough 2008, GCC family businesses rebounded to some extent (as did the market), but this did not last. As the overall market has trended mostly up, family businesses have trended downward.
- See more at: http://www.atkearney.com/paper/-/asset_publisher/dVxv4Hz2h8bS/content/gcc-family-businesses-unlocking-potential-through-active-portfolio-management/10192#sthash.sb692Hgw.dpuf
In Serbian language thare is the same word for : "world" and "holly" / "svet" /. This author think this is remains from one old neolithic, Vinca culture, 4 500-2 500 BC, which existed here, peaceful and with "love to world", with woman sens as important in society
A.T. Kearney: GCC Family Businesses: Unlocking Potential Through Active Portf...Semalytix
Since 2008, times have been tough for family businesses. The antidote: tapping into hidden value.
Like families in general, family businesses seem to function relatively well in troubled times. In fact, many studies show that, in the long run, they perform better than other business models. Key factors for their ongoing success include a management perspective that emphasizes the long term, strong brand and family name recognition, and often a strong focus on the core business.1
But in the Gulf Cooperation Council (GCC), family businesses are trending in the opposite direction.2 During the recent crisis, they have been less resilient than the rest of the economy despite a pre-downturn history of rapid growth and market dominance. Since 2008, the A.T. Kearney GCC Family Conglomerate Index has decreased by 60 points, while the Bloomberg GCC 200 Index has decreased by 40 points, a 20-point performance gap (see figure 1).3 After a tough 2008, GCC family businesses rebounded to some extent (as did the market), but this did not last. As the overall market has trended mostly up, family businesses have trended downward.
- See more at: http://www.atkearney.com/paper/-/asset_publisher/dVxv4Hz2h8bS/content/gcc-family-businesses-unlocking-potential-through-active-portfolio-management/10192#sthash.sb692Hgw.dpuf
The characteristics of most growth markets require companies to adapt both their go-to-market strategy and their operating model to address the ever-evolving consumer needs and segments within the limits of the country’s institutional voids and culture. Some companies have managed to overcome the Growth Markets’ voids they face by merely tweaking their existing operating model a fraction. However, most companies which are looking for longer term growth in these complex markets are finding that they need to make more far-reaching and bold changes to their operating models to bridge these voids which step away from the structured and efficient capabilities that have made them so successful in the developed markets.
Breakthrough the traditional way of planing. Read Venture Care’s “Corporate Digest” December, 2017 .
Here are some insights of the magazine :
– What are your company strategies in this new Economy?
– Rewritten Risks and Entrepreneurship
– Valuation: A Modern Art
– Financial Modeling A practical view &
– Starting a Producer Company in India.
Die Mediadaten 2023. Erstmals im Angebot: Stand-Alone Newsletter für unseren deutsch- oder englischsprachigen Verteiler (7.500/6.000 Empfänger) im Bereich Controlling und Unternehmenssteuerung.
Die Übersicht zeigt, welche Inhalte und Angebote Sie von einer Mitgliedschaft im ICV Internationaler Controller Verein erwarten dürfen - im direkten Abgleich persönliche Mitgliedschaft und Firmenmitgliedschaft.
1. Controlling born out of necessity –
The story of Croatian controlling
Croatia
In Croatia the tasks of controlling departments are for the most part reduced
to reporting, i.e. to filling out parent company business report forms. The role
of controlling is still that of a passive observer and an analyst of past business
events, or simply that of the bearer of (bad) news. This is why we who pro-
mote awareness of controlling in Croatia regard these times of crisis as our
window of opportunity.
Controlling is a philosophy of management, a know- Difficulties due to a lack of quality
how, a network of multidisciplinary pieces of information
knowledge which are required in order to collect
– from countless pieces of information within and But what problems are encountered in practice? In
outside a company – a sufficient amount of just the national private companies, managing and making
right information, which will then create a quality all the business decisions is to a great degree firmly
platform for making the right business decisions. It in the hands of their owners, who have been build-
is based on the economic logic of rationality, and ing their companies for the last 20 years or so. But
for it to function well a certain set of preconditions developing a company from 15 to 150 employees
must be satisfied. One of the most crucial ones is is not the same as developing it from 150 to 500,
an interested management. which is all too frequently disregarded in Croatia.
Most company owners believe that they know what
The Croatian economy has been preparing to is best for their company, and that generally no one
enter the European Union for the last few years. can either advise or replace them in this matter.
Today it is in part based on small- and medium- Consequently, it is not uncommon that after 20 years
sized enterprises founded within the last 20 years, or so of continued development very successful
in part on older state-owned companies which companies start facing difficulties due to a lack of
went through the process of privatization (or which quality information that cannot be obtained by in-
is still ongoing), and in part on foreign companies tuition, regardless of the extent to which their own-
“After 20 years or so of con- which started opening sister companies in Croatia ers ‘live and breathe’ their companies. They usually
tinued development very suc- since the 1990s. react all too late – when the bank account dries up.
cessful companies start facing
difficulties due to a lack of
quality information that can- This general framework could indeed be a solid On the other hand, however, incomplete privatiza-
not be obtained by intuition, groundwork for the future development of the tion – or more specifically the remains of state-
regardless of the extent to Croatian economy, provided that it is run by edu- owned shares in some companies – is why politics
which their owners ‘live and
cated and professional management, and that in continues to exert tremendous influence on man-
breathe’ their companies.”
addition to modern computer support the function agement decisions, which often rise from the con-
of controlling becomes self-understood. text of political interests, which have not much in
common with controlling.
22 CONTROLLER Spezial | Controlling International
2. Foreign companies which opened sister compa- cerned, most attention is directed to salary reduc-
nies in Croatia are the part of Croatian economy tions and to the laying off of employees. Unfortu-
that actually stands a chance of being the leader nately, professional training and development has
of the development of controlling. However, objec- been minimized as well. It is most certain that to-
tively only a very few sister companies succeeded day more than ever companies should be focusing
in developing actual controlling departments as on improving the quality of their products and
laboratories for actually assisting management, for services, and on nurturing their relationship with
the creation of scenarios and simulations, for what- their clients to be able to withstand the crisis. Ex-
if analyses, for novel models of management, etc. pecting that a reduced number of employees earn-
The tasks of controlling departments are for the ing smaller salaries and not attending any profes-
most part reduced to reporting, i.e. to filling out sional training and development courses would
parent company business report forms. This is one want – and know how to – work more and better
of the reasons why understanding the actual func- is unrealistic. In other words, the way out of the
tion of controlling is insufficient. In reality, many crisis is the exact opposite. Quality, educated and
‘controllers’ in these companies have no control- motivated employees are the greatest mainstay of
ling hard skills whatsoever. As a result, what their companies in crisis, and only dedication, quality
practice wrongly communicates is that the role of work and loyalty can help company owners to
controlling is that of a passive observer and an keep their capital.
analyst of past business events, or simply that of
the bearer of (bad) news.
Crisis helped controlling to make an
inroad
A tremendous need for the right
information This crisis has most certainly helped controlling to Jasmina Ocko,
make an inroad into Croatian companies. Com- Controlling Consultant,
This is why we who promote awareness of control- pany owners are coming to realize daily that busi- Kognosko, Croatia
ling in Croatia regard these times of crisis as our ness sense and intuition are no longer sufficient.
window of opportunity. Namely, the very begin- The once chief measures of success – market share
ning of the current crisis was marked by a tremen- and asset growth – have been proven not to be
dous need for the right information that would en- reliable in terms of safely leading companies in
able management to react actively and without the right direction in the long run. The statement
delay. After a long time of steady development and that “a reduction in the volume of business, a de-
almost overnight, companies found themselves face crease in revenues with a drop of inventories and
to face with a drop in revenues, which then be- receivables, and a general decrease in the value
came the main trigger for all the other difficulties of assets does not necessarily have to be a bad
created by a domino effect. thing” was up to only yesterday inconceivable,
which only the bravest controllers dared to utter.
Suddenly, management demanded detailed infor- However, it seems that this statement is closest to
mation overnight on each and every business seg- the generally accepted model for the healing of
ment – which segments of the company function struggling companies.
well, which are unprofitable, which markets are
actually profitable, which markets only increase It is becoming increasingly evident that without a
revenues, which products are unessential, which change in management strategies, without timely
customers are dispensable, etc. The questions kept information on all the business segments within
multiplying, but answers were provided only to and outside the company, without quality analy-
those who had raised their awareness of and had ses, diagnoses, prognoses and therapy – in other
“Expecting that a reduced
built controlling during good times to live through words, without controlling – there is no way out of number of employees earning
the bad as painlessly as possible. the crisis for the Croatian economy. Furthermore, smaller salaries and not at-
without it, the Croatian economy is unlikely to be tending any professional train-
ing and development courses
As for the rest, cutting costs became their primary able to join the economy of the European Union
would want – and know-how
way of trying to mend the situation. The problem in actively and in a quality way. to – work more and better is
this is that, as far as the segment of costs is con- unrealistic.”
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