Do you sometimes feel that you’re not sure why things happen in your business? Where the results come from? If that’s the case, you need to get more in touch with business.
Here are four things you can put in place if you feel you don’t have a good handle on your business. It’s not an exhaustive list – but it’s a start.
One: Have a regular executive team cadence meeting. Focus on hot topics and actions. Don’t let it get dragged down in routine reporting. You’ll find regularly pulling your executives together keeps everyone working in the same direction. And working on the next 3 together.
Two: Review your profit and loss in depth monthly. Your P&L is the score. How well did you do last month? Why? Dig into it each month and you’ll find you get a good grip on what is happening in your business.
Three: Create a monthly dashboard report. Aside from your P&L, what are the most important metrics to keep track of in your business? Staff retention? Customer satisfaction? Churn rate? Collect these and obsess over them.
Four: Set and track quarterly objectives. Whatever you call them – objectives, OKRs, big rocks, whatever – they are the objectives that the whole business is pointed towards. Set them, track them, and achieve them.
That’s all four. Do you do all of these? Do you do them well?