Can You Benefit from the Six Scoreboards?
With just six questions and a bonus seventh for good measure, you’ll be able to determine if your business can benefit from the products and services we have implemented in so many other businesses. As you consider these questions, you will want to evaluate if the reports, data, and metrics you currently review in your business meet the IMPACT criteria - Insightful, Meaningful, Precise, Accessible (both intellectually and physically), Comparative, and Timely. Let’s get started.
Question 1: Do you receive an accurate reporting package of the overall performance of your business that is approximately 15 pages by the 15th of every month that includes charts, graphs, color-coding, and comments, observations, and recommendations from a finance executive who understands the details of your business and industry? Does it compare your performance to your previous results and planned results as well as to your industry? Can you understand the information presented, does it focus on the critical components of your business, and does it facilitate both strategic and tactical discussion and actionable, implementable initiatives to improve your performance?
If you answered no to any part of this question, then you will likely need the Monthly IMPACT Indicators®
Question 2: Do you receive a weekly one-page report with the one-to-three key metrics from each of the departments and divisions of your business, including marketing, sales, operations, customer service, HR, accounting, finance, and more? Is this information organized into easy-to-understand charts and graphs and does it focus on most critical performance drivers of your business?
If you answered no to any part of this question, then you will likely need the Weekly IMPACT Indicators®
Question 3: Are you presented each week with a 90-day, week-by-week, cash flow projection that is understandable, accurate, and focuses on helping you manage cash shortages and excesses? Do you have high level of confidence that you will not receive any surprises to your cash flow in the next 90 days?
If you answered no to any part of this question, then you will likely need the Quarterly IMPACT Forecaster®
Question 4: Do you have a plan, broken-out on a month-by-month basis and according to the way you track your financial and operational performance that stretches at least twelve months into the future? Do you track your monthly performance against that plan and use it to make pivots and changes to maximize your results?
If you answered no to any part of this question, then you will likely need the Annual IMPACT Forecaster®
Question 5: Do you have, periodically update, and regularly use a projection that reaches five years into the future to understand the impact of all of your major business decisions? Is it organized in a way that both you as well as professionals and others outside of your business can understand your key assumptions and find comfort in how well they are grounded in reality?
If you answered no to any part of this question, then you will likely need the 5-Year IMPACT Forecaster®
Question 6: Do you know if you win or lose every day? Can you summarize your business model into one-to-three key business metrics, and are those reported to you on a daily basis?
If you answered no to any part of this question, then you will likely need the Daily IMPACT Indicators®
Bonus Question: Do you have a senior-level finance executive on your team that can challenge you strategically, represent you professionally, add value to your staff (both in the accounting department and the rest of the company), find solutions to every problem you throw at them, and can turn your great ideas into actionable tasks that have an immediate and long-term impact on the bottom-line of you company?
If you answered no to any part of this question, then you will likely need the IMPACT CFO Services™
Please complete the form below and we will coodinate a phone or face-to-face meeting, whichever is most convenient for you,to set-up a meeting with one of our CFO Consultants to discuss The Six Scoreboards Every Business Needs™. The CFO consultant will focus on ensuring that the scoreboards will bring you clarity, which ultimately leads to peace of mind and improved profitability and cash flow.