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Why Aren’t You Getting Timely Information?

- Wednesday, October 05, 2016
In August we had a trip to Rio de Janeiro, Brazil we took to attend the Olympics.  The trip was planned from beginning to end with various stops along the way.

Getting timely feedback of vital information was critical for the success of the trip.  A business requires this same principle.  It is very important for the leaders to receive regular ‘points of data’ in order to monitor the progress of the company on its journey.

Why then are CEOs not receiving their critical feedback?  What is preventing this?

Previous articles have covered the importance of key performance indicators, leading indicators, dashboards, and other tools.

Vital reports to provide feedback are the monthly financial statements – balance sheet, income statement (also called a Profit and Loss or P&L), and a statement of cash flows.

These reports will confirm the daily and weekly metrics being provided and is the place where all the information comes together.

Let’s think about what NOT knowing does for you…it creates stress, leads to worry and anxiety, and is like driving a car blindfolded.

A CEO must get this accurate information on a timely basis.  What are the roadblocks.

Here are six reasons timely information is not provided:

People – the team is not properly equipped or trained to provide the information required. 
Processes – internal processes are complicated and cumbersome so the information flow is very s….l….o….w. 
Software – using outdated software can handicap the team in getting the books closed on a timely basis.
Commitment – is the entire team committed to getting the job done.  Each person in the process should understand the importance of his or her role.
Lack of urgency – team members may understand their roles, but do not have the sense of urgency to get things completed.
Not being looked at – if the CEO is not reviewing the reports, then the team will not be as responsive in getting them completed.
Did I miss one?  Now, these aren’t the only reasons…and may not be what you’re experiencing.

Barbar Financial is passionate about helping you receive and understand the critical information on a timely basis.  Call me at 561.302.6304 to learn how we can help your team.

Live Passionately!

John

561.302.6304

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Barbar Financial Solutions provides peace of mind to CEOs of small to mid-sized companies.  Our team provides a clear financial picture of the business, and then implements strategies to help our clients grow their profits and cash flow.


Contact

Mail: 6018 Buena Vista Court
Boca Raton, FL 33433
Call us: Office - 561-347-8586
Email us: service@barbarfinancial.com

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