What are your numbers?
At Modus accountants we are committed to making sure you focus on the right numbers that help you achieve your goals and objectives, to create the assets you desire and deserve.
Far too often we speak to business owners who don’t track their financial performance on a monthly basis or they been told to focus on those usual measures of turnover, margin etc.
At Modus we can stress highly enough the importance of monitoring your business financial performance every month, not doing this is a bit like driving a car at night on a twisty B-road without any headlights on – sooner or later you will crash. We believe this is one of the main reasons that 80% of small business fail in the first year.
These are fundamental measures, but can be found on any standard, traditional, dashboard. However, are they the numbers that truly drive your business and those numbers that deserve your ultimate attention without distraction. After all each business is different, so what does your personal dashboard look like?
Our strategy planning sessions deep dive into your business to establish what success looks like for you and what you really want for your business and for yourself personally. We will review where you are now and why there is a gap at the current time. We then break down the vision into specific, measurable goals and establish what you need to deliver in the short term to keep you on the right track.
Once we understand the numbers that truly impact your business, only then can we personalise a dashboard of key performance indicators for you to focus upon. These are often a mixture of financial and non-financial measures.
Since starting Modus accountants, we have experienced some great results when working with clients who have joined us to support their personal journey.
Here are a couple of examples to which you may relate:
1) a business who highlighted that they at capacity and fully booked, but cashflow concerns. We helped to address their increasing debtor days and their reducing margin. This ultimately delivered greater profit per job and ensured that they collected the cash within the terms that their hard work deserved. Outcome: more cash in the bank than ever before.
2) A business that transformed their sales revenue by focusing on the deeper numbers that defined their income. Previously the sales forecast had been established with little more than a guesstimate, but today they know exactly what they need to achieve to hit target. Outcome: exceeding sales targets with such focus.
Modus accountants is established by entrepreneurs for entrepreneurs. We have not only advised business owners, but actually ran our own businesses beyond an accountancy practice experiencing the highs and lows.
If we can share this experience and expertise to help you to start, develop or grow your own business, then call us on 01993 225030.