If you ask most business owners, they would agree that measuring the performance of your business is vital.  However, if you asked how often they do this you would find – ‘hardly ever or once a year when we have the tax returns completed.’

Most large successful businesses have accountants regularly reviewing the performance of their business, providing the owners with up to date financial information.

To see if your business is improving you need to have some form of measurement in place.

These measurements or indicators will see how you are tracking and enable you to look at ways / methods of improving.

 

Two effective forms of measurement are:

1.    Critical Success Factors (CSF)

2.    Key Performance indicators (KPI)

 

Both CSF and KPI are used frequently in business.  CSF is what you need to do to make your business successful / improve.  KPI is what you need to measure to see if we are succeeding / improving.

By putting a few CSF and KPI in place and reviewing them on a regular basis you should see a noticeable improvement in your business and give you a greater chance of success.

 

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

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