Download our Beyond COVID action plan to check the critical areas you need to prioritise today, to prepare for tomorrow.
Getting your management information in order for business survival
22 May 2020
In the challenging environment that we all face today, have you been able to understand the performance of your business and had the information and capability to make the key business decisions that matter when moving forwards? As a business owner, you’ll have faced new scenarios of the like you’ve never seen before. No doubt, this has required the need to flex and adapt work processes, understand key levers in your business to survive and make quicker and faster decisions based on management information that at times you wish was ‘better’ and more flexible. Is this you?
Have you also had to explain the future capability of your business to funders and other stakeholders in a way that you haven’t had to before? Has the speed of collecting relevant information been a problem for you? We know that it’s a challenge to keep focus on these requirements while day to day business pressures build.
These scenarios will remain a challenge for many business owners. We’re now finding that business owners who are able to make quicker and faster decisions based on rich management information are now in a better position to adapt to this ever-changing world. There are some key areas that businesses are benefiting from:
- Ability to assess operational costings.
- Projecting the cashflow impact of decisions.
- Assessing the most profitable business opportunities.
This isn’t about having the best or most expensive systems, but a commitment to understanding business costs, having a repeatable structure to financial information and a clear view of what the most important KPIs are for the business. These requirements are important now and important going forward to being able to maximise opportunities as we come out of “lockdown” and look to the future.
Preparing for tomorrow – beyond COVID
Preparing for ‘tomorrow’ and business strength beyond COVID is critical. Business owners that are prepared with dynamic and accurate information will be far more likely to not only survive beyond COVID, but more importantly will be back on the road to recovery sooner.
Why? It’s quite simple, having the right data at your fingertips in real time will help you to evaluate and maximise opportunities and face challenges that will undoubtedly come beyond COVID. It’ll put you in a much stronger place to be able to assess the constraints under which you might need to flex, rebuild and reappraise your business.
If you’ve deferred costs or taken out government loans are you clear on how your business needs to perform to meet these commitments? Is your business, its data and reporting agile enough to give you opportunity to constantly be able to review your position and adapt in the face of any business “twists and turns” that still may hit you?
Can you say with confidence how much it costs you to generate your services or product and will you be able to generate the financial information and maintain the strategic focus to flex and control the performance and capabilities of your business in the face of changes to your business sector, customer and supplier behaviours that will undoubtedly arise?
Working together to become stronger
The Business Performance Improvement (BPI) Team at Fortus are already working together with owners to prepare and adapt their business systems, data and management information to help put them in a strong position to survive and thrive beyond COVID.
Our team have extensive experience in supporting and advising on the improvement of financial information and decision making capability:
- Automated financial reporting and flexible forecasting/ modelling
- Business and strategic plans
- Automated data extraction, making the most of existing systems
- Job and operational costing models
- Process and control understanding and mapping
Don’t think there has to be a lot of work involved to make significant improvements that will see your business through these challenges now and in the future. We find that it is frequently possible to make significant gains quickly and efficiently through helping business owners to refine the tools they already use and to collaborate in simplifying processes and information to focus on what is most relevant and key to decision making.
So, why not contact us today to get us to take a look at your data and management information and help you to have the tools to make quicker and faster business decisions based on real time information from your business? Contact Neil Jones on 01604 746760.
Ask yourself these questions:
- Do you have a clear view of your future strategy and the information needed to implement it and make business critical decisions? And can you access the information quick enough?
- Are you able to critically appraise and model the costs in your business going forward?
- Are you able to see your future cash flows with sufficient clarity to be able to make decisions early enough?
- Are you able to flex financial information to support making the right business decisions?
- Will you be able to provide financial information to funders and stakeholders in the form that they require and the time that they require?