What You Measure You Can Manage
Keeping a good record of financial data is important – it allows you to monitor your growth and progress. That way, you can see what’s working so you can keep pushing forward. You can also identify what isn’t working so you know what you may need to change.
But, there’s no point in monitoring your data if you don’t have any financial goals set up. No matter how large or small your business, it’s best practice to have a plan and set yourself some goals. Some examples could be:
Turnover or revenue and the increase you want to see in the next year
Cost of goods sold or the cost of your staff to deliver your service – can you maintain or decrease these costs
Overheads – what additional costs are in your business and can you pick two or three to review to see if they can be reduced
Once you’ve set your goals you need to put some financial data around your plan. Having accurate and up to date information allows you to make decisions based on fact – not on a gut feeling.
You’ll be surprised to learn that tracking and monitoring your financial data is quite easy. But we know it can be the last thing on your mind after a long day of work. That’s where the Admin Angels come in! We can do a quick review and put systems in place to monitor everything and make the whole process much more streamlined. Or, we can make your life even easier and do it for you – freeing up your time to work to focus on other things.