It is hard to imagine the changes we at Tactical Oilfield Products (TOP) have implemented under the tutelage of Terry W. Protto. As President of TOP, I felt that I had a detailed knowledge of our accounting. As it turns out, I was wrong. Terry was able to give TOP the tools necessary to be able to say with confidence that I do have a firm understanding of our P & L, product costing, burdened labor and ” profit engineering” When we first met with Sandra Hardardottir, we didn’t realize the extent of our ignorance concerning our financials. It was an awakening to which can only be described as “sobering”.
Terry arrived and not only made me and everyone who came into contact with him feel at ease, but his wealth of knowledge, and the way that he translated it to our team, makes him what the Chinese would call “daoshi”, meaning mentor or teacher. The tools that Terry has given our team, will help to reach the next level in our business, and thrive when others cannot. We can now effectively cost our products, understand our chart of accounts, P & L, balance sheet and our burdened labor. We have found that the majority of our products were adequately priced, but a couple of them were marginal or sold for a loss. It’s amazing to have the analytics to see the hard data! We also have a weekly sales flash that allows us to better discern our pipeline of sales and invoiced sales at a glance.
Terry has given me and my team the tools to succeed, period, end of discussion. It is up to us to put what he has taught us into action.