In our experience, a business must establish a foundation of competent staff, documented and tested procedures, adequate controls (policies & procedures) and a culture of consistency before good reporting practices can be established.
Foremost in this process is getting the right people who are competent, properly trained and who know what is expected of them.
Although all businesses have procedures and some level of controls, it is rare to find one where they are well documented and communicated to employees.
Finally, I recommend that you take a step back and think of the culture that you, as the CEO or General Manager has created. Are you consistent in requiring all employees, including yourself, to follow the company’s policies and procedures? If not, you have to start with yourself and establish a culture of transparency, trust and consistency – only then will the foundation properly function to provide you with the kind of information that our second executive enjoyed.
In the next post of my four-part series I’ll quickly review how timing can effect your financial outlook. If you’re ready to get your Financial Dashboard set up, Give us a call right away.
Tags: Financial Dashboard, Utah CEO, Utah CFO