Track Decision Points, not KPIs

Image of computer screen showing bar charts, line drawings, pie charts and other data possibly for use in the finance sector

Have you ever found yourself making business decisions in the dark?

You don’t have enough financial data to properly understand how your company is performing. And when faced with a big dilemma – like whether to open a new office or launch a new product – you don’t completely understand the financial implications.

If so, you’re not alone.

This is one of the most common triggers for company owners approaching us. They are too reliant on their gut feeling, instead of on financial data, and it makes them very uncomfortable.

If you’ve ever felt the same, let me ask you this…

What information would you need, in order to help you run your business better?

It’s not always easy to pinpoint, especially if you’ve never had access to such critical data.

But this is exactly what we do, when we start working together.

We spend time getting to know both you and your business, and figuring out what financial information we can give you, to help you make your business more profitable, valuable and sustainable.

This is unique to each business. Perhaps you are concerned that some products are bleeding money. We can break down your margins on each.

Or perhaps you’ve found out that you’re overstaffed compared to your key competitor. We can analyse profitability per employee and industry benchmarks.

Over time, we tweak this list, as your needs evolve.

And here’s the key: We present the information to you regularly, in your monthly management accounts. We then sit down with you to discuss the findings and collaboratively plan the next steps – because the whole point of monthly management accounts is to be actionable and help you effect change.

Now, you might be wondering, “Isn’t this just like tracking Key Performance Indicators (KPIs)?”

The answer is a resounding yes – and no.

KPIs also help track overall company success. But too often they focus on generic financial data, like spending levels or sales growth.

Companies routinely pick the wrong KPIs, because they focus on data they *think* they should be monitoring rather than the data that’s genuinely useful to them.

I prefer to talk about “Decision Points”.

This is about understanding the specific challenges your business faces and then collecting bespoke, unique information that helps you solve them.

Every piece of financial data we provide in your monthly management accounts should empower you to make informed decisions with confidence.

Imagine receiving a monthly management accounts pack tailored to your exact needs, providing the insights to understand your financial situation and conquer your biggest business challenges.

That’s what we provide when you work with us at Insight Associates.

So if you’re ready to stop relying on your gut feeling…

…And instead make well-informed financial decisions, based on real data in your management accounts combined with discussions with our financial specialists… 

Then get in touch with me today. Simply hit ‘reply’ to this email or call our office on 01279 647 447 to arrange a no-obligation chat about how we can bring clarity and confidence to your business decisions.

Warmly,

Garry

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In this blog archive our Managing Director, Garry Mumford simplifies all things financial and shares with us a lifetime of practical financial business advice.

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