21st Century Business Information
For future looking businesses ...
POSTED BY JONATHAN VOWLES ON 31/01/2017 @ 8:00AM
In business, information is crucial, and it has been said that numbers are the language of business. After all, if you don't know what's happening in your finances, you've got a problem ...
Any future looking business needs 21st century business information!
copyright: nexusplexus / 123rf stock photo (licensee)
What's more, the longer that goes on, the bigger the problem gets. So what happens if you aren't good with numbers? Well, business information (or management information or reporting, call it what you will), comes in all shapes and sizes for the different needs of different businesses.
"So what information does your business need?"
While every business needs different things measured and reported on, because every business has a different need or goal and, as you would expect, we are pretty good at providing great information to help you to understand your business - After all, accountants are numbers experts!
But one thing that all information needs to be is understandable and another thing is relevant. Choosing relevant things to measure and report on is all part of our service; it's about looking for the key points that will help you to really understand your business.
This means that the first task is to identify what is important to your business. What is measured will be different for a business that is concentrating on sales growth to one that is focused on cost reduction, for example.
If you have a sales growth target, then one set of important measures is your progress in attaining that growth. For example, measuring the number of customers and the growth in that number, the average spend and the number of times customers are repeat customers.
But also, we would look at measuring the pre-sales activity, your marketing activity. For example, we might measure the number of hits on your website, Facebook likes or impressions or the number of newsletters that you send out.
"Your reporting also needs to be clear and understandable!"
Pages and pages of numbers aren't the way to go. If a picture tells a thousand words, then graphs and charts are a great way of showing comparative information in a way that can be easily and clearly understood.
Which is where we come to the nub of this blog; using 21st Century tools to provide 21st Century business information for future looking businesses.
First of all, check out this gallery of images about the Premier league in these four reports. Ok, so not everyone is a football fan, but remember we are using this as a way of showing you a set of graphical information. It is football information reported on as if it was business information!
Graphs and pie charts aren't for everyone, so our management information comes in different shapes and sizes. You can have reporting in different formats, numerical charts rather than picture graphs. Don't forget we can also give you a more traditional profit and loss report.
And we can make your reporting even more valuable by having regular Skype meetings or phone calls, which gives us a chance to go through the month end reporting and explain it to you. In this way you can really get some feedback from us about how your business is doing.
"Sounds good doesn't it?"
This is all stuff that we are doing for other people and can do for you too. Get in touch on 01234 752 566 and talk to us about your business reporting to see how we can help make it both fit for purpose and more relevant to your business; and also fit for the 21st Century!
Until next time ...
If you're looking for a new accountant to help grow your business, do visit www.jvca.co.uk and discover how Jonathan Vowles Chartered Accountants can help you!
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.