Do you ever feel anxious because you don’t know how your business is performing?
I’m going to teach you the three steps to transform your financial reporting, which will give you confidence and increase the performance of your business.
Recently we started working with a new client who came to us.
Their finances were an absolute mess, crippling their business.
They couldn’t make decisions.
They didn’t know how much they owed people.
This kept them up at night.
We quickly looked through all their data and identified several mistakes and issues. Then worked with them to tidy it up.
That alone lifted a massive weight off their shoulders.
Now they’re in a position where they are looking forward, rather than nervously over their shoulder, wondering what may come back to haunt them.
Step one is to keep your records up to date. Work with an excellent bookkeeper and negotiate a reporting cycle that works for your business. The higher the transaction volume or the complexity in your business, the more frequent that bookkeeping reporting cycle should be.
Step two, learn to read your financial reports. Get into the routine of regularly reviewing your reports. These reports should tell you where you’ve been, where your business is currently sitting, and what may lie ahead. This will give you time to prepare, minimising any damage from bad decisions and maximising opportunities.
Step three, start looking into the future. Start with your goals and set a budget and KPIs to drive your business towards those goals. Next, communicate with the team, so everyone is aligned. Finally, review and report on those KPIs and refine that process each cycle.
Once you’ve mastered steps one to three, it should clarify your business’s strength, position and direction.
It should give confidence in your decision-making, knowing that you are making those decisions based on data, not just your feelings.
It will also increase the performance of your business because you’re working towards goals and have implemented a process of ongoing refinement.
If this sounds like something you would like assistance with or want further information, click here to book a call https://impalatax.com.au/discovery/
