Accurate business information just isn’t good enough?
5 March 2018 11: 52 AM By Intact Software In ERP Software 0
How often have senior executives and boards found themselves discussing the last month, the last quarter, the last year? How often do management teams talk about how the last fortnight was, the last week and even the last day? What were year on year comparisons?
All very relevant and meaningful data and the cornerstone of many board meetings, however is this traditional routine of reflecting on the past failing small and medium sized businesses?
Reflecting on the previous month, quarter or year is important in many people’s world. The information gets presented with such pride in its accuracy, clarity, and granularity even if business performance is less than favourable. There is no doubt that it will inspire action (otherwise, please give up) and the outcomes of those actions will of course get reviewed 2 or 3 weeks after the next month end or quarter end.
The chatter at these meetings is often, “these numbers are not where they need to be, what will we do?”. Of course, there will be action points recorded and assigned to relevant parties and we’ll review it next month or next quarter.
So the paradox here is that often the next meeting is mid-way through the next period…. And if these results remain unchanged, the question will be “what will we do for the next period?”
However, the more actionable question that business owners should be asking is “We’re running behind our targets this month (or week, or day!) what are we doing about it?” …it’s timely and relevant but all buzzwords aside… it can have an actual impact on actual performance.
Is the difference obvious?
Living in the past, planning to do better in the future… but the time to act may have already passed
The challenge many businesses are now facing is that many of the business owners or managers (the people driving your business forward); those with responsibilities of both action and leading, sometimes working outside of the office or main place of business… use these meetings as the opportunity to review the performance of the team… looking at the past.
To enable these key people to do their jobs efficiently and continue to drive your business forward, you must:
The correct data, at the correct time, regardless of your location is what your ERP software should be doing for your business. Ultimately, these result in a better customer experience, more control of your business, more engagement of your staff….. better overall performance!
Living in the past, planning to do better in the future? The present is the time to act
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