Every month your management team and others are out there executing your business plan, trying to grow the company, attempting to attract new customers, and working hard to take good care of existing customers.
To do that well, they need fast and accurate feedback about whether they are getting the financial results they are striving for. The worst thing that could happen is everyone is out there working the plan every day but not creating the desired financial result. That happens in a surprising number of companies because the owner decides (consciously or unconsciously) to just wing it (or fly by the seat of their pants) when it comes to putting action oriented financial information in management's hands.
You want your management team to have the information and insight they need to answer the key questions they should be asking like "Did the strategies and goals we are focused on last month produce the specific financial results we expected?" And "What do I need to do different next month to get the financial results we have targeted?"
Fast and Accurate is the Way
The role of your CFO, and the accounting department as a whole, is to provide useful and insightful information to your leadership team so you can hold everyone accountable for improving financial results.
They need fast, accurate and reliable financial information. If something is not working, you need to know that quickly so you can make the necessary changes to your strategy or tactics out in the field. You can't let months go by before you finally figure out something isn't working.
Fast and accurate financial statements, together with insightful information about the key drivers of financial performance, will help you grow your business.
Are you getting fast and accurate financial information every month? If not, do you know how to fix the problem? Send me a note if you need a little push. J
Click here to get my blog posts delivered right to your email inbox. I publish one new post each week.