Eric Friedle, MS
Financial Analyst, Budget, Forecasts, Variance Analyst, ROI, Business Planning, Business Metrics
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An issue I have seen often and I am guilty of early in my career is we go for instant results that will show minimal progress but long term will have a larger impact. I get it we want to show results quickly and often leaders want to see them, but it's not always the best solution and best outcome. For example, let's say you have a hundred thousand dollars of waste that you want to get rid of for various reasons. You have a fire helper to keep things running and try to limit the losses from getting larger. We both can agree that it's a cost that long-term should be eliminated. That individual let's say costs around 70K a year in labor. In year one of making larger impact changes you save a total of 90K. In year two you save an additional 600K. So over 2 years it cost 140K but saved a total of 690K with a spend of 140k netting 550K.Let's say you get option two you got rid of the fire individual you saved 500K over the two years. In the end, the end net savings is 10% not huge but a savings. The real impact is in year 3 when both situations are not paying the individual. Option one is 70K savings a month of the fire expenses so a total of 840K with 70k labor savings resulting in a 910K savings. Option B you save as a result 540K a year plus the labor of 70K for a total savings of 610K. As you can see though over two years it is not a huge difference the ability to create a solution to the problem is much larger with the upfront cost being minimal variance but the year three difference is almost 50% a year as a result.#costmanagement #longtermthinking #decision #finance #fpanda #smartbusiness
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Eric Friedle, MS
Financial Analyst, Budget, Forecasts, Variance Analyst, ROI, Business Planning, Business Metrics
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I have been listening to and reading many personal improvement books and podcasts.One was talking about effort.We have in life and work no guarantees in the outcome.It would be nice if we did, but we do not.As a result, the only thing we can guarantee is our effort.We control the effort we give.We get beat down sometimes and stay down.I was recently in that place myself and had someone actually call me out on it. I have dusted myself off as a result and got back to what I could control my effort. I have refocused on what I can control and looking at the next goal that I have for myself and working on getting to accomplishing it.I am continuing to work on building my skills for when the right next opportunity comes, I am primed and ready to take advantage of it and shine. #opportunityawaits #motivated #driven #betteringmyself #performancemanagement #controlyourmind
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Eric Friedle, MS
Financial Analyst, Budget, Forecasts, Variance Analyst, ROI, Business Planning, Business Metrics
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I had recently helped a friend who was looking at acquiring a competitor do some modeling for him.It required various models with a great deal of knowledge and input from him and his team.We laid out 5 different situations from the worst case up to the best case. Something we went through different through and I have talked about because of my experience is the operating cost savings.Many companies in my experience especially the larger they have OPEX waste with too much redundancy and people crossing over job duties than they should.Some of this is the result of leadership letting it happen, other times it is someone who has a skill and sees an opportunity for improvement and takes the steps to improve or do something that could/should be available and makes it happen. From my experience when this happens it is on the low side a 10% cost savings and goes up from there.Yes, you need some redundancy for coverage, but it needs to be a careful balance.You want to ensure a business can continue to operate with fewer people in an emergency and let people take time off without coming back to a week of work missed, but you also need to not spend funds so freely that it is wasting funds that could be used to help the business in more efficient ways.#FP&A #finance #efficiency
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Eric Friedle, MS
Financial Analyst, Budget, Forecasts, Variance Analyst, ROI, Business Planning, Business Metrics
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Ment to share this earlier, but just knocked another one down yesterday. The journey continues as well as the time, effort, and results. I am halfway done with the core certifications and courses. I’m happy to share that I’ve obtained a new certification: DCF Valuation Modeling from Corporate Finance Institute!
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Eric Friedle, MS
Financial Analyst, Budget, Forecasts, Variance Analyst, ROI, Business Planning, Business Metrics
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You miss 100% of the chances you do not take. From work reaching out to people about openings they have and have a sit down with them. Talking to them about the skills you have and try to sell yourself. If you do not ask for the opportunity they will not know they are interested. Heck they might not know who you are or what you could do for them. This was also true earlier in life with sponsors. Most companies did not know who I was or what sport I competed in. By reaching out and trying I was able to tell them and show them and as a result I was able to gather sponsors and funds to do it as a job. Without going out and attempting something though I might have failed more times than I got the result I wanted, the asking resulted to positive results.Do not just sit back and expect things to happen. Lots of people do great work and deserve a shot or a chance. The person who goes after it and is persistent just might win more times than not. Even if you do not get the desired result knowing the path and the work to get to the final destination is important. If it is in the gym, on the field, in a classroom getting more education to become more skilled eventually it will pay off if you keep at it and keep trying.#goforit #promotions #careeradvancement
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Eric Friedle, MS
Financial Analyst, Budget, Forecasts, Variance Analyst, ROI, Business Planning, Business Metrics
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I love modeling and this one hit home for me with thinking about dashboards I have been building and others have been building. The useful information or lack of information and understanding is super important to help drive and direct a business in a positive direction.I’m happy to share that I’ve obtained a new certification: Operational Modeling from Corporate Finance Institute! Just keep on trucking through all these till I can get the big Certification.
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Eric Friedle, MS
Financial Analyst, Budget, Forecasts, Variance Analyst, ROI, Business Planning, Business Metrics
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The other day I was asked what is something that I feel separates me from others and my answer was simple it's my perseverance.I can give many examples throughout the years of how I persevered. For example, early in my career, I had a salesman who didn't want to share information to help the company grow the company and the challenges that the staff was running into.So I had to do digging, calling, presenting, and talking to customers to get all the information needed to help understand the issues to change the course and work toward a brighter future.The individual tried with all their effort to keep me from getting the information I was after to do my job, but I still did what was needed to figure it out.Recently I have also had it where I struggled to get the information that was already created to develop reports.Taking what information I could get from using multiple sources of data I was able to piece the information together to get a very close full set of data.It took way more time, but I knew the logic used and could recreate it because I understood how things were created and just found a way to get it done without others' assistance.The bottom line is I will have a wall in front of me and I will find a way over, under, or through it.I might get beat down for a minute or two, but by regrouping and reattacking I will find a way to persevere in the end.#perceverance #obsticles #getitdone #solutions #solutiondriven
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Eric Friedle, MS
Financial Analyst, Budget, Forecasts, Variance Analyst, ROI, Business Planning, Business Metrics
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I am a big fan of modeling your business and that is not just looking at this year or next, but the next 3, 5, and 10 years.The reason is it helps lay out the decisions you make in the business's short and long term.As I showed in a previous post making a decision today might impact tomorrow and people do not see it.So laying out the long-term goals and actions needed to reach those goals and what it does is important.For example, having a long-term goal and expectation if something happens sooner than expected you have a plan for moving forward.If it does not happen as fast and some investing needs to happen you can still plan by what you plan on happening in the future.It might be a scaled-back version knowing a bigger investment when they happen will come but it is played out.As well as sharing within reason to some staff more information and other members of the company the bigger picture.The reason, from my experience, is without some understanding people will see actions as a bad sign.Even if the company is in a bad spot share some of the information to let them understand that you have a plan and that the rough times are expected, but you are working to help them long term.By doing so even in the rough times you have a better shot of keeping the good talent as they will know the leadership is working hard and has a plan to help them long term.Though they might not agree with all the decisions being open to the extent you can and sharing the best chance of coming out with the top talent you have retained is obtainable.#vision #talentretention #hardtimes #planning #leadership
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Eric Friedle, MS
Financial Analyst, Budget, Forecasts, Variance Analyst, ROI, Business Planning, Business Metrics
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I’m happy to share that I’ve obtained another new certification in the journey for the FMVA certification: Accounting Principles and Standards from Corporate Finance Institute!
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Eric Friedle, MS
Financial Analyst, Budget, Forecasts, Variance Analyst, ROI, Business Planning, Business Metrics
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Just continuing down the line for the final certification goal. I am happy to obtain a new certification: Introduction to Business Valuation from Corporate Finance Institute! Just another step in the direction of helping grow my skill set as I look to use my knowledge and experience better for someone in the future.#education #certification #valuation #skillup
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Based on the information provided, Eric Friedle is a Financial Analyst with expertise in budgeting, forecasting, variance analysis, ROI, business planning, and business metrics. He has shared several posts on a social media platform, discussing various topics related to finance, decision-making, cost management, personal improvement, and certifications.
In his posts, Eric Friedle emphasizes the importance of long-term thinking, cost management, effort, perseverance, and modeling in business. He provides examples and personal experiences to support his points. He also mentions obtaining certifications from the Corporate Finance Institute, indicating a commitment to continuous learning and professional development.
Now, let's dive into the concepts mentioned in the posts and provide more information on each topic.
Long-Term Thinking
Eric Friedle emphasizes the importance of long-term thinking in business decision-making. He suggests that decisions made today can have long-term impacts on the business. By considering the long-term goals and actions needed to reach those goals, businesses can make more informed decisions and plan for the future. This approach allows for flexibility and adaptability when unexpected events occur [[1]].
Cost Management
Cost management is another topic discussed by Eric Friedle. He highlights the need to identify and eliminate waste in order to achieve cost savings. He mentions that many companies have operational expenditure (OPEX) waste due to redundancy and overlapping job duties. By optimizing processes and reducing unnecessary expenses, businesses can achieve cost savings and improve efficiency [[2]].
Effort and Perseverance
Eric Friedle emphasizes the importance of effort and perseverance in personal and professional growth. He believes that individuals have control over the effort they put into their work and that perseverance is key to overcoming challenges and achieving success. He shares personal experiences where he had to persevere and find solutions despite obstacles and lack of support [[3]] [[4]].
Modeling and Planning
Eric Friedle expresses his enthusiasm for modeling and planning in business. He believes that modeling the business's short-term and long-term goals helps in making informed decisions. By laying out the actions needed to reach those goals, businesses can anticipate and prepare for different scenarios. This approach allows for better planning and adaptability when circ*mstances change [[5]].
Certifications and Continuous Learning
Eric Friedle mentions obtaining certifications from the Corporate Finance Institute. These certifications include DCF Valuation Modeling, Operational Modeling, Accounting Principles and Standards, and Introduction to Business Valuation. By pursuing certifications, Eric Friedle demonstrates a commitment to continuous learning and professional development. These certifications enhance his skills and knowledge in finance and related areas [[6]] [[7]].
In summary, Eric Friedle, a Financial Analyst, shares insights and experiences related to long-term thinking, cost management, effort, perseverance, modeling, and continuous learning. His posts highlight the importance of these concepts in achieving success in business and personal growth.
