If you are a business owner, then running your business as effectively and profitably as possible should be at the forefront of your mind.
There are several questions you should be asking yourself regularly to check in on your business performance, along with making the effort to measure what you treasure.
Within this blog, we’ll cover what those questions are and the benefits of regularly measuring your performance via board insight reporting.
What do I need to consider?
- How well do you know your numbers?
- Have you got a budget in place which you currently report against?
- Which key performance indicators are you monitoring?
- How do you compare to your competitors?
- How are you identifying areas of improvement?
You can’t manage what you don’t measure!
What should I measure?
- Revenue
- Profitability
- Cashflow
- Your KPI’s
Why measure and report?
Understand your results
Regular reports really help you understand your business performance in a higher level of detail. For example, you may be getting a monthly report now that shows your business has made a profit of £10k last month. However this report in isolation doesn’t tell us much, it’s best to continue measuring and reporting on an ongoing basis.
We can help you do this and we’ll even help you analyse your results and compare against targets to determine your level of performance. As well as highlighting areas that have done particularly well or bad. More insight and a better understanding can help you make decisions on how to steer your business going forward.
Manage cashflow
We help our clients take control of their cashflow and plan for future events. By having control of your cashflow you can prepare for things such as tax and VAT bills, alongside preparing for any future cash short falls well in advance.
We also enable scenario planning where our clients can compare best and worst-case scenarios and evaluate the impact this is likely to have on cash flow.
Confidence and Reassurance
Board insight reports give stakeholders confidence and reassurance in the figures being produced. Stakeholders could include people such as board members, investors or banks. Investors are going to want to be assured that their companies are hitting targets and that they’re on the right track. Collaboratively producing a report with your accountant gives them peace of mind.
Who are they for?
Board Insight Reports are suitable for all businesses small, medium or large. Established owner managed businesses or investor financed start ups that are looking to grow.
They can be used for any business operating within any industry as well as companies operating as part of a group with the option of consolidated reporting available.
How do I find out more?
Interested to learn more? Feel free to get in touch for a discovery call where we can discuss how Board Insight Reporting can work for you.
