Are you executing your business strategy?
Execution is an easy concept to talk about, but it can be a hard one to… well… execute. The main problem is that it is a real challenge to measure and manage a concept.
If we are honest about it, “Gut-level” decision making is a practice of the past. With so many amazing tools and software resources available, you can now have access to all the organisational data you would ever need to inform and guide your decision-making process.
When Warehouse Stationery asked their BizReward customers what they wish they had known about before going into business, almost half of the respondents said accounting and finances (49%).
This was followed by:
- Marketing and advertising (39%);
- Business development (38%);
- Technology (33%), and;
- Relevant regulations (25%).
Interestingly, when people were asked what they wish they knew more about now, the same top five appeared, just in a slightly different order; however, accounting was still number one.
There are two components that help with executing your business strategy:
- Having the right accounting software – set up, and working, and;
- Having the financial knowledge and information available to help make informed business decisions.
The better you understand your business, the easier it is to make decisions – therefore, the easier it will be to make more money. Management decisions rely on a sound understanding of the financial implications for a business. GoFi8ure offers a service which helps enable business owners to fully understand and interpret their numbers, so they have a strong foundation on which to grow their business.
How many of these questions can you answer, with confidence?
- How much profit have I made this year?
- Why has my profit increased, but I have no cash?
- Is my cash level increasing, or decreasing?
- What is affecting my cash level?
Any time is a good time to improve your understanding of your financial reports to improve business performance. The sooner you start executing your plan, the sooner you will have a better understanding of financial results and their implications, and the more control you will have over outcomes.
Are you confident you have the right software and tools in place to help you achieve your strategic goals? Today’s technology provides advanced reporting and business analysis capabilities, to help you gain a deeper understanding of business performance, customer preferences and market trends. Your executives and business managers can access performance metrics and analytical reports, enabling them to use this information to work together to set or redesign strategy.
Remember: Failing to plan is planning to fail, and it is vital to plan-ahead to have a successful business. Contact us to book in your complimentary meeting, to discuss how GoFi8ure can proactively help you stick to your plan and achieve business success.