Business Performance Annette Bau Leave a Comment Get in Shape: How to Monitor, Measure and Review Your Business Performance Making a resolution to measure, monitor and review your business performance is not as challenging as it may appear. It all boils down to focusing your energy on working on improving the business you love and you are good at it. Benchmark Basics To benchmark your baseline and make more informed decisions you can: Identify key financial and performance metrics. – Use specific tools to gauge your business’ performance Measure and analyze performance in your business plan over time. – Set a target date, daily, monthly quarterly, semi-annually and annually to identify trends and work on improvements Adopt business practices to improve performance. – Build a more productive and more profitable advisory firm. Use a quick and easy economic model to acquire clients and build strong relationships with them. This is one of your most powerful resources. A critical component to your benchmark baseline is your financial picture and analysis. This includes your firm’s revenue, expenses, and profit. While too many people focus on their firm’s total revenue the real key to financial freedom and success is the bottom line which is calculated by reducing profits from expenses. Benchmark Upgrade Now take your benchmark a step further. Keep in mind that the real power behind your benchmark is staying aware of what matters in your business and the impact indicators that come along with that. Continuous awareness of your circumstances and others who may directly or indirectly impact you will help you make better decisions to consistently achieve your goals. Take a moment to consider if you currently have clear goals. How committed are you to monitoring your business waistline? Your answer will be reflected in your level of success. If you want support improving your business performance, access our next training here: Share this:Tweet Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website Notify me of follow-up comments by email. Notify me of new posts by email.