Note: Running most Fridays in FromGregsHead.com, this is the third in a series of business tips offered by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on FM Newschannel 97.5. Audio files can be found at the PKF Texas Radio/Television page.
This is a good time of the year to take a look at your budget and forecast for 2006, and compare your performance to your expectations. If you do not have a forecast, it’s not too late to prepare one for 2006.
How do you use a forecast to take your company to the next level of performance?
The secret may be a “flash report.” A flash report will keep you focused on the key performance indicators that will drive your forecast. For example, if your goal is to improve cash flow and increase sales, a report would track your daily or weekly sales, along with the daily cash balances of your business.
Track a few items in your business and see how it works for you. Over time, I think you will find you can keep your finger on the pulse of your business by using a flash report on a regular basis. Remember you can’t manage what you can’t measure!
Share you own business insights by sending me a note.