Do you wait for your Annual Accounts to arrive before you look at your numbers for the year?
By the time your accounts have been finalised, the data is historical. Any changes you make, as a result of reading these, may not necessarily be helpful for your future.
Would you drive your car forward by looking in your rear-view mirror? Talk about dangerous!
If you want to take control of your business’s future, it’s essential that you set targets to achieve and regularly monitor your actual results against them. By producing a monthly or quarterly Management Report, you’ll have access to up-to-date data that will enable you to quickly identify areas of concern, allowing you to implement strategies for improvement to ensure you remain on track to achieve your goals.
Management Reports enable you to make better decisions in your business, based on current data. Your report dashboard provides a snapshot of your numbers and means you can quickly interpret your results each month and identify important trends in your business.
However, receiving regular reports is only useful if you set aside time to review them and understand what the reports are showing you. It’s not enough to see that your gross profit has dropped this month compared to last month; you need to be able to understand the reasons why it has dropped so you know the actions you can take to improve.
Because we want you to develop the discipline to set aside time to review and truly understand your reports, we recommend Accountability Coaching with our Management Reporting service to ensure you receive the maximum value from your reports and can make the necessary changes to your business to ensure its success.
“The future depends on what we do in the present.” – Mahatma Gandhi