You’ll know from previous CRM blogs the importance we place on measurement and evaluation. Exactly what you measure will be specific to your business but these numbers are so powerful and vital to provide a clear picture of your overall business performance.
As with most things, it’s important to delve ‘beyond the headlines’ to get the truest picture. You can read our blog on effective measurement here – but what next? How do you use those measurements to make the best decisions for the future of your business?
When your business is up and running, it’s easy to sit back and let things continue in the same vein, but this is exactly the time when you should be reviewing progress and setting new goals. Once you’ve measured your market position, decide how you can make the most of the latest trends and direction. Good planning helps you to anticipate problems that may arise and adapt to change more successfully. This might be a good time to employ an outside expert to help you identify strengths and plan for the future.
At CRM, we understand how sometimes, business owners and directors can’t see the wood for the trees, and we’re here to help. On the morning of Wednesday 22nd May at Begbroke Science Park, we are holding a Planning For Success Seminar. With lots of useful pointers to help you plan and forecast within your business plus a chance to network with like-minded business people, you will leave the seminar with a clear focus on measuring your business for success.
Draw your roadmap to success
Once you have identified the most important statistics for your business to track, you need to measure these regularly by setting and monitoring your Key Performance Indicators. It’s easy to work out where you want your business to be, but not so easy to work out how to get there – that’s where a roadmap comes in. Your roadmap is a detailed plan for the direction you want your business to take and it is also important to set a timetable for how long each step along your roadmap will take.
Analysing the variance
Measuring the difference between your forecasted performance and the actual financial results is one of the most valuable tools at your disposal. This variance analysis not only shows you which revenues or expenses varied from the forecast but also gives you the opportunity to ask why the variance occurred. Was it a change in the economic environment, changes in competitor activity or internal structure changes?
When the reasons for the variance are identified you can then decide whether your own business strategy or operations require modification to get back on track and achieve the forecasted progress.
To find out more about the CRM Planning For Success Seminar on Wednesday 22nd May, book your place or speak to our business planning experts, please call 01865 379272 or visit our Eventbrite page.