The majority of small businesses have poor management reporting of results because they have poor data capture practices needed to create information they can act on to improve business results.
The second reason management reporting is foundational to large corporations, not small business owners, is fear of their most basic management reports reflected in their Balance Sheet and P&L Statement. Use this website to overcome your fear of working with your financial statements and learn how to build a business intelligence system that will lead you to take the actions you need to take to make more money.
The financial reports prepared for your business are the Report Card of the business that tells if the company made a profit or not. Too often, the information represented in the P&L Statement and Balance Sheet is not used to develop profitable business decisions because people don’t understand how the reported numbers interrelate with each other to create business insights on what’s working and what isn’t in their business.
Be the exception, learn to use the numbers the accountants use to validate for yourself the quality of your business performance. Developing mastery over your financial reports is the quickest way to make better and better business decisions.
The “R” in BusinessCPR™ is for Reporting. Avoiding profit losses and poor cash flow starts with your Weekly KPIs and Monthly Variance Reports. Monitoring these reports ensures that your planned actions are producing your desired results. This is the only way to know, with confidence, where your business is performing better and where it is worse than planned. Without this knowledge, you will never know with confidence where and how quickly you need to intervene to stop your profit losses.