Are you making time for productive business tasks?
Business is a fast moving environment; operational duties are ever present and the flow of emails is never ending. Consequently, it is more difficult to separate out the busy work from truly productive tasks. One productive task that is often put off is a review of the company’s financial performance. I don’t mean those formal GAAP statements; I refer to the more practical operational statements. This task is back-burnered for many reasons, current information is not readily available or is difficult to understand, you rely on your gut feeling to tell you how the company is doing, you are too busy to get to them, etc. None of these are legitimate reasons.
Just dedicating 30 minutes a week reviewing and analyzing your financial statements will make a significant improvement in understanding the company, better directing events, and instituting improvements. Try it – you will be amazed.
There are some caveats, of course. You may need some assistance in getting started. Financial statements are not always easy to interpret, your current financial statements may not contain the pertinent indicators to properly monitor operational results, or the necessary information may not be readily obtainable.
I believe is that the primary purpose of financial statements is to provide management information for better decision making. But you have to read those financials to get the process moving!
We are here to help you by providing assistance with understanding financial statements and implementing other efficient, and cost saving techniques. Contact us today for more information.