The regular reporting of financial and non-financial information is crucial to understanding business performance.
After all, as said by Peter Drucker, the well-known management consultant: “What gets measured, gets managed.” Conversely, if you don’t measure an aspect of your business, it’s not under your control.
So when you’re measuring your business results, it’s important that the information produced is of high quality and matched to the business’ requirements. You need to track the numbers that are relevant to your business.
Real-life business performance tips
- Ideally, someone with a good understanding of the data and how it can be presented would manage the reporting process. Presenting the data visually in charts and graphs, for example, can greatly improve understanding of business performance.
- The real world often has a habit of disrupting carefully made plans so understanding the impact on objectives needs to be done promptly.
- Reviewing feedback on business performance helps to reset objectives and communicate them quickly to all areas of the business.
Consider these questions when measuring your business results:
- Do you review your business performance on a regular basis?
- Are the numbers you’re tracking relevant and meaningful to you and the management team?
- Have you implemented both financial and non-financial performance measures?
- Do you compare the performance to your strategy?
- Do you have monthly procedures and checklists to identify and resolve issues?
Based on your requirements and systems environment, we will develop a business performance reporting methodology that will give you and your team accurate and timely information that you can easily understand.
Once your reporting systems are set up, we can work alongside you to help identify those areas of your business that may need attention and make suggestions for improvement.
Next step: contact us
Contact us to request your free one-hour consultation to see how we can help you measure your business results to maximise your business performance.