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Monitor And Improve Financial Performance: Take Charge Of Your Finances
Fri 7th January 2011
Objectives can be measured on a weekly or monthly basis. They provide leading indicators as to how the company finances should look at the end of a set period. These figures highlight financial performance in stages and accentuate areas which should be improved or corrected. This paves the way for adjustments to take place immediately rather than discovering financial troughs at the end of a designated set period.
To ensure that your company is always 'in the money' the following tips are a great way to monitor and improve financial performance.
Keep it simple: Although the aim of every business is to pull in the big bucks, the road to riches takes time and careful planning. Do not set your financial expectations too high. It is pointless to imagine a million dollar turnover in less than twelve months, especially if the company was started on a shoestring budget. By raising the bar in small increments and setting realistic goals each financial quarter can yield positive results.
Be Yourself: Whilst it is easy to use big businesses as role models, these companies have built their successes on techniques and strategies which have been tried and tested over many years. Every company is unique and requires different areas of attention to make it expand.
For richer or poorer: Whilst it is highly rewarding to reap huge profits, the urge to splash the cash on a new Rover or the holiday of a lifetime could be an indulgence which could drive you downhill. Allow any profits to circulate within the economy and keep luxuries to a minimum.
Tell the world: Advertising is the key to success. Ensure that your business is constantly investing in promotional campaigns to build financial success in both the long and short term. Even when the economy is at an all time low, those companies who continue to advertise are more likely to gain a competitive edge over those who cut back on advertising costs. Give people the opportunity to praise you...they can only do this if you continually show them what you have to offer.
Money well spent: If you can see an area which needs to be improved but requires some financial investment, act on it straight away.
Zip, zilch, nada: Keep an eye on the stock market. This does not mean that you have to take a crash course in stock trading. It simply means keeping an eye on the figures to build up a picture of how well other businesses are doing. This is another way to make financial projections for the future and act upon any necessary adjustments to stay ahead of competitors.
Don't bank on it: Don't become disillusioned and deflated with myths and legends which back the notion that a rag to riches fairytale can be achieved in less than a month of trading. Profitable companies take time to grow and require patience, determination and the dedication to succeed.
Time is money: Building a business and keeping it one step ahead of the game takes hard work. Although it may be tempting to sit on the fence, the competition will swiftly pass you by. When you run a business, you are a competitor and your sole aim is to always be one step ahead.
Speculate to accumulate: Businesses gain wealth through time and careful financial planning. Keep investing and allow yourself to be flexible so as your business does not bend out of shape.
Stay SMART: The above tips are useful ones based upon the acronym SMART. This means that your targets should always be: Specific, measurable, achievable, realistic and time-bound.
Author is a freelance copywriter. For more information on finance for non financial managers london, please visit https://www.stl-training.co.uk
Original article appears here:
https://www.stl-training.co.uk/article-1379-monitor-and-improve-financial-performance--take-charge-your-finances.html
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