Small businesses are fortunate in being able to respond quickly to fluctuations in the marketplace. To be successful, it is imperative they do move without delay to improve a bad situation. Regular monitoring is key. Ensure you have a finger on the pulse so you can be quick to make changes where necessary, with an eye on:

• Daily bank balances
• Daily sales information including total sales, sales of individual products and sales made to new customers
• Daily, weekly or monthly gross profit figure achieved
• Weekly debtors aged analysis, showing the amount owing to the business and the age of those debts
• Labour productivity reports daily or weekly showing the actual time charged to clients or work on productive tasks – how does this compare to budget?
• A weekly statement of financial performance
• Weekly creditors aged analysis, showing the amount the business owes and the age of that debt
• Detailed monthly financial statements on all aspects of the business operations including statement of financial performance and statement of financial position, with comparisons to budget and cashflow forecasts
• Annual budgets and annual cashflow forecasts (updated monthly)
• Details of any lost customers showing details of what their annual sales had been and reason (if known) for them leaving the business
• Specific details on sales over a specified amount – who the sale was made to and what it was for

We can help you make the most of the data. Give us a call.