Last weekend I braved the freezing cold morning, and participated in my local Parkrun. Two things occurred to me while I was running which relate back to what I spoke about at my recent client seminar on “Understanding your Financial Statements” and I thought I would share with you.
1. The importance of setting goals
2. The importance on monitoring your progress
3. The importance of changing tactics and strategies as needed
One of my goals over the last 12 months has been to get fit and to lose weight. This has been a slow process and from time to time I have deviated but I have been able to get back on track as I had tools to record & monitor my progress.
In my parkrun, I recorded a time 2 minutes and 25 seconds less than my personal best and it was a bit of a wake up call. I admit I have been a bit slack over the last 4 weeks with my diet and exercise due to the start of our busy tax season & the colder weather, but now because I can quantify how much fitness I have lost in such a short period of time I need to work out ways to get back into a routine and get back on track.
This applies equally to your business.
1. Have you set your goals & KPI’s for the 2014/2015 financial year?
2. Do you prepare accurate monthly reports?
3. Do you review your monthly reports?
With just one month into the new financial year, I encourage and challenge you to take ACTION so you achieve the best possible results for your business this year!
Perhaps a quick chat with your accountant will be able to point you in the right direction. If you haven’t embraced cloud accounting and you are serious about being able to produce accurate monthly financial reports, I would also recommend you ask your accountant what the most appropriate product to suit your needs would be. You may also like to read my blog on “The key to producing accurate monthly reports & how to understand them!” and this too, may get some fruitful discussions going between yourself and your accountant.
Good luck for a prosperous, rewarding and fun 2014/2015!