The Keys to Business Success: Finance and Management Information

55It is important that you know how your business is performing. You will only know that if you have accurate information that reflects both your income and expenditure, your liabilities and your debtors.  That information is crucial if you are to make the correct strategic decisions needed to move you forward.

You may not be an expert in everything; it would be surprising if you were.  You do not need to be if you have the tools at your disposal enabling you to make the right decisions. If your sector is employment you can get a specialized breakdown of the business.

Management information

There are many things that an online system can provide and imagine that you have the following information to help you:

  • A breakdown of all your sales in real depth down to sales per client
  • Profitability per client and per member of staff
  • Debtor reports by debtor and age
  • Cash received
  • Sales and purchase invoices
  • Payroll details
  • Gross profit reports
  • Online time sheets
  • Weekly reports on gross turnover, costs and margin

This information will be ongoing and can let you know how you are performing against budget and what changes you should consider.

Finance

The other main element of concern is likely to be finance. You will see how well you are performing from the management information but you need to have the security of knowing that your cash flow is financing the business; that can be a service that you can get from a company that specialises in financing day to day activities and administering those finances to the benefit of your company.

Time

It obviously comes at a cost but it is a cost that can be factored into your budget while you concentrate on expanding your turnover. That is a matter of having the time to concentrate on your top line by ensuring that every enquiry is followed up and new clients are identified and approached.

This expansion takes time and may not happen overnight. It is a matter of networking and expanding your exposure in the market place whether through business forums or the ever popular social media. There are many people out there that just may need your help and you need to do your best to reach them through any means available to you.

You will be paying for all these services but you must remember how valuable your own time is, and as the cliché goes – ‘time is money.’ Your expansion is going to be a direct result of how you perform in the positive aspects of staff recruitment and placement. Your competitiveness is an important aspect of your business but so is the quality of the service you provide. If you have time to concentrate on these aspects then you will see the obvious benefits to the company.

Recruitment finance is just part of the beauty of delegating day to day functions to an outside service company. You will be able to concentrate on expanding your turnover by being able to devote all your time to sales knowing that the administration is in safe hands.

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