Hi! Want something new to add to your weekly to-do list? We didn’t think so.
But what if we told you that just a few minutes per week could save you incalculable time, trouble and money in the long run? Sounds better, right?
Weekly reporting is your friend. There are a couple of reports that should always be on your weekly radar.
First, your dashboard. This is also known as a scorecard or Key Performance Indicators (KPIs).
The figures on your dashboard can be categorized into two main buckets: leading indicators and lagging indicators. Both types tell you how your company is doing, but they’re functionally distinct.
Leading indicators are the equivalent of putting your foot on the gas peddle. If you apply a little pressure here (invest time or money), you should see a direct result. They influence lagging indicators. Lagging indicators are often easier to identify. They represent results already obtained.
There is no “one size fits all” here. Each company will have a unique set of indicators.
You also want to be looking at a weekly cash flow forecast. Why a weekly forecast? For starters, a business owner who has his or her finger on the pulse of cash is calmer, more rational, more strategic, and sleeps better at night.
Looking at a weekly forecast enables you to anticipate and react to problems quickly. That means small problems are less likely to become big problems.
Knowledge is power. Run the reports. Need a hand creating or analyzing your weekly financial reports? Give us a call.