You’re half way through the financial year and now is a great time to take stock of how your business is travelling.
Did you set a forecast at the start of the year and have you been measuring your actual results to your forecast? Have you been hitting your monthly targets or is a change in strategy required? How is your cashflow position?
They say “you can manage what you can measure” and without a doubt, our best performing clients have forecasts and stretch targets in place. They compare their actual results to forecasted results on a monthly basis (at a minimum) and they make quick decisions when things aren’t going to plan without losing sight of their vision.
If you aren’t doing this, you may be feeling a lack of control over your business and the direction in which it is heading.
Tactica’s “Business Acceleration Program” has been developed for small to medium business owners who don’t have the resources to employ an internal management accountant.
The program involves some of the following processes to help business owners:
1) Review bookkeeping systems and arrange cloud conversions (where appropriate)
2) Undertake SWOT Analysis on business (strengths, weaknesses, opportunities, threats)
3) Create an issues register to attend to over the coming 12 months
- Prioritise issues
- Allocate issues to team members
- Allocate deadline to issues
4) Create a 12-month profit & loss or 3 way forecast for the business
5) Set KPI’s to be monitored and improved
6) Chair monthly, bi-monthly or quarterly management meetings to review budget to actual performance and ensure issues have been attended to
7) Monthly momentum calls to ensure everything is on track.
If you would like us to help you gain more control, call us to arrange a complimentary meeting to discuss your business and how we might be able to assist (08) 9387 5637.
Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.