Graphical Weekly Reporting and Monthly Management Meetings [This is Just a Suggestion] 1. Every week you should be looking at your - - Profit/loss and Balance Sheet - - Actual Sales to Budgeted sales NOTE: You need a clearly defined sales mix that drives your cash flow. A good accountant will create one of these based on your estimations and within 3 months it will become very clear as to what is a guesstimate and what is reality. The right accountant will be doing this already. The right business coach will INSIST this is in place. Your focus needs to be on net profit targets. Meeting and exceeding them. 2. Every month you should sit down with your business coach and accountant and look at what you have achieved based on your written plans for the previous month. Budget 2 hours a month for that meeting. No small talk or idle chat. 100% focus and accountability. My Coach and Accountant in Australia have hauled me over the coals in the past and had my written permission to get in my face and to NOT accept my excuses. 3. You Dont Need to BE an Accountant but you DO need to at least be able to look at a spreadsheet and know if you are on target. 4. You need to have a budget for your marketing and you need to be tracking and measuring what it delivers. 5. You need a Customer Loyalty Program. Because it is 5 times easier and 6 times less expensive to sell to an existing client than it is to go and get a new one. NOTE: I am sharing these things because this is NOT just another hype-filled, bright-shiny-object group. We are out to help people develop serious businesses. We are not out to encourage you to aim for the light bulb but for the stars.
Posted on: Wed, 30 Jul 2014 11:23:35 +0000
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