“There are three kinds of lies – lies, damn lies and statistics.” — Mark Twain
Everywhere you turn there seems to be another statistic or metric that is telling us that the future is ours — or that we doomed to fail. Metrics like:
With so many data points out there, where can you find the information that tells you how you are really doing?
Business owners can benefit from outsourced financial guidance and expertise. At AcceleratingCFO we provide companies with a condensed look at the key metrics of their business (better known as KPIs) by way of a Dashboard.
The Dashboard: A Key to Understanding your Business
Your Dashboard is a summary of the statistics you should be monitoring on a regular basis.
Have you ever wondered why something is occurring with your business but are unable to truly understand it? The Dashboard provides clarity by digging into the numbers.
The Dashboard gives business owners a quick, real-time snapshot of how their business is doing. It usually consists of financial statistics such as:
It can also include non-financial information such as number of views on a webpage or number of full-time employees on hand — or even prospects in your pipeline.
Our reports provide the transparency companies need. At the end of each month, our clients receive a monthly report that is customized for their company and the information that is needed to understand what is happening in their particular business or industry. Many of our business owners run their businesses “by the seat of their pants” — they know intuitively how the business is doing, but they can’t explain why there are certain things occurring in the business. We help owners answer questions like “My revenue has increased over the past twelve months, why don’t I have any cash?” or “Does it make sense to invest in these new products that have a low gross margin?”
Monitoring the correct metrics provides a direct barometer into how your business is doing or what your potential job prospects are in the foreseeable future. Given this, ask yourself: What is my motivation? This will allow you to focus in on the most useful statistics. Click here for an excellent article about how we need to evaluate the statistics used to measure how the economy is doing.
Take-away: Choosing the right metrics to monitor is the key to ensuring the consistent health and prosperity of your business. If you don’t have the correct KPIs in place you might be looking in the past instead of toward a more prosperous and lucrative future.
If you have questions, please contact us.
Co-founders & Managing Partners