The Keep It Simple Approach To Management Reporting

March 22, 2016

So many of you are absolute shockers at management reporting and who can blame you.  When you spend your days putting out fires and juggling priorities, business maintenance and management sometimes comes a poor second.  But here’s the thing, if you create for yourself a monthly dashboard to track how your business is performing at an operational level, you’ll be able to make informed decisions and respond to changes in an ever changing business environment that much better.  Faster.

The Keep It Simple Approach

Whether you work with a team or you’re it, keeping it simple makes your reporting much more achievable.  This makes it more likely to be a consistent part of your management processes.

Effective Management Reporting 

  1. Establish what your KPI’s will be.  These may be financial, operational and/or customer focused.  For example as a Virtual Assistant my KPI’s are:
    1. Profit
    2. Cost
    3. Chargeable vs Non-Chargeable Hours
    4. Customer Satisfaction & Retention
    5. Number of Customers
    6. Total Billable Hours by Contractor
    7. Goal Completion Rate (measuring gated offers)
    8. Site Referrals
    9. Site Visitors
    10. Social Interactions (across my social networks)
    11. Discovery Skype (prospects)
    12. Strategy Skype (clients)
  2. Identify the tools, automation and reports you (or your assistant) need to aggregate results for all KPI’s into one report or dashboard.  The information you track must be consistent, accurate and available.  You will also need to be able to drill down into details when monitoring your report.
  3. Decide who will have access to the management reports and what their responsibilities are.
  4. Finally (I know – keeping it simple!) you’ll need a process for how you allocate time to analyse, action, strategise and implement based on trends, concerns and wins identified.

As your business changes, so will your KPI’s.  If you’re not sure what your KPI’s are, look at your goals and decide what info you need to know in order to achieve said goals.  If you’re still not sure comment below with your goals and website and I’ll come back with KPI’s you might consider tracking.  

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