Business Performance Reporting - It's Not All About the P&L!
By Andy Burrows [originally published September 2016]
If you are going to be successful in managing your business, you need measurement. You need facts that tell you how well you are doing and where you need to improve.
And those measures of success are much broader than just financial measures, such as profit, cash, margins, etc, however important they are.
How do you make sure that your business is heading in the right direction? How do you make sure that your strategies are working? How can you even tell if your strategies are being implemented correctly?
Is profit the only measure of success? Does profit tell you anything about whether you are achieving your vision?
Let’s say my vision was to become number 1 in a particular market. How would I know how close I was to achieving that? Not by looking at my profit in isolation.
And just asking that question leads to other useful questions that clarify what I am aiming at. For instance, what does becoming number 1 mean? Number...
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