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How often are you reviewing your business progress?

June 21st, 2010

All too often a business owner can get caught up in what I call the technical side of their business and not enough time reviewing and planning.   If you’ve read Stephen Covey’s 7 Habits of Highly Effective People think ‘sharpen the saw’.

So how often do you have look at your business progress?

As shareholders, directors, managers and working owners you need to take time at least each month to review your business progress.

Management meeting items

  • Achievements for the previous period
  • Any upcoming roadblocks
  • Any issues around what I call the 3Ps – people, plant or processes
  • Activity – leads, proposals, quotes, sales
  • Sales $$
  • Sales by category
  • Gross profit $
  • Expenses as a % of sales or gross profit $
  • Total expenses as a % of sales, gross profit $
  • Actuals v budgets
  • Stockturn time
  • Stock loss due to poor practices, dated product, incorrect ordering, theft
  • Debtors outstanding
  • Creditors outstanding
  • Cash flow

….. and the list goes on. 

Keys to regular meetings

  • Once you set a date and time stick to it
  • Stay on topic
  • Make sure you are measuring the right information
  • Compare current year date period to  previous year to date period
  • Ensure that any tasks that come out of the meeting are deadlined and assigned to a person
  • At the next meeting check the completion/progress of those tasks
  • Consider the use of Advisory Boards or Independent Directors

Taking time out to look at your business in more a structured and holistic way will give you much stronger results and will remove a lot of the ‘how are we doing questions’ that you may have.   Give it a try – you may be surprised with the results

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