van-tage (n)
1 a. An advantage in a competition
or conflict; superiority.
|
1 a. An advantage in a competition or conflict; superiority.
|
|
|
Signs of success?
A study into the 500 most successful quoted companies found that they all spent time looking at the key signs or performance indicators, ie looking at how their businesses was running. So, how often do you read your signs? By this I mean do you get monthly or quarterly management
accounts and spend time looking at them and your business plan trying to work
out what you are doing well and what you are doing poorly? Business owners can
be divided into those who pay attention to the strategy of running a business
and those who don't - those who pay attention to the business of running a
business, as opposed to simply getting through the day to day business of the
business. Sounds like a trite business school comment, but it’s true! Those
who simply work in the business normally don't look at how and why they run the
business - and so don't use or pay attention to monthly accounts or business
plans. Most successful business owners do prepare management accounts, and
have a business plan, and review and update their business plan a couple of
times each year.
All too often business owners and managers spend all of their time working - working on getting the orders turned into sales or the sales turned into cash in the bank. But what they are not working on is how they run their business! They end up being run by the business rather than running their own business! Not sure where to start or what to do? Well, the first
thing to do is to take time out to review where you are. Do you have a business
plan? Do you get management accounts? Is the business running you or are you
running it? Then, secondly, you need to take a couple of hours each month to
look critically and objectively at the results – reading your signs! Have I struck a chord with you? Does your business need to be shown who’s boss? Start the process of taking charge by consulting the people who can show you where to start and how to read the signs - speak to your accountants or ask us for a free consultation. |
Send mail to
info@vantagebusinessconsulting.co.uk with
questions or comments about this web site.
|