Chapter 2 – Financial Control – Rule your money
This is part of the ‘How to’ coaching series. An ongoing series of activities to make your business successful. Follow it step by step and see positive results as you develop a robust business model, set on a solid foundation.
Activity 44 – I use my financial reports so I can make decisions on the future of my business
So you’ve collected all the financial figures of your business, by following the previous ‘chapter 2’ st of blogs, what you do next will make collecting them worthwhile.
When you know what to expect, you can make changes to how you are running your business and see the results. You can see how well that bit of marketing paid off. You can understand whether your cash is flowing efficiently and that you are managing it well. Plus all the numbers that drive your business choices.
The HowTo bit:
The key is to be consistent with producing and using the reports. With the build up of your numbers, you are able to check like for like over time.
Define your map of numbers and create a dashboard. This can be on a spreadsheet or a more comprehensive tool.
It is best to automate the report creation process; if not, then make sure you stick your pre-determined schedule and report model and load the numbers manually.
Have a plan of what you will do with the information you get. No point having numbers and not making use of them.
If you would like assistance in setting up your reporting process, Contact Us…