When was the last time you played a game and didn’t keep score? When you were in school, imagine getting your report card a month after your summer break started. Sounds absurd, doesn’t it? You bet it does, yet many business owners don’t get timely financial statements. Think of your financial statements as a report card. It’s a measurement of the business’ performance and should be produced and reviewed by the 10th of each month before it becomes old news. If you are not producing financial statements by the 10th, stop and figure out what is getting in the way. Call your coach, if you need help. In many instances, it’s easier than you might think.
Also, if you are looking for more in terms of managing your financials, make sure to attend this year’s Super Meeting in Nashville. One of our breakout sessions is titled, Critical Financial Analysis and Metrics. Scott Nelson, of Laney’s Inc. will be presenting what financial and operational reports and Key Performance Indicators (KPIs) top Nexstar shops review each day, week and month. This breakout session will help you understand what gaps you have in your financial and operational analysis AND help you understand how to interpret and act on the information you receive.