Updated: Jan 9, 2019
It is always interesting to look at a monthly or quarterly set of results. They tell the story of a Management Team that knows or doesn't know what happened to their business.
It is like looking backward through the looking glass. When it looks great everyone is happy and glad. The leader is smiling. Some know why, most do not and will not ask for fear of giving themselves away. However, when things are not so good or poor the leader frowns and some go hide while others offer guess work as to what happened. Too late to change for this quarter because a third of it is gone, but they'll watch for it in the future....
One way to be happy at the end of most quarterly results is to be on top of the game every day. How? By knowing your business's daily objectives and focusing on whether we accomplished them today. If yes, more days than not, the results will show good things. If not, not so great things. If your business is manufacturing, daily production numbers is your key. If you are a service unit or a non-production business, does the clientele you service reward you by buying your product or service and inviting you back for more purchases?
Whichever one is your business model these things are key to your success:
Make sure all employees know the criteria for a successful day
Feedback on whether that success or not was achieved; daily for production statistics; on an as needed basis for non-production units
The Management team must constantly have their areas focused on how the product or service they produce benefits the organization
That when desired results are achieved, celebration in some appropriate form, is forth coming.
When the Management team practices these guidelines on the right timeline for a long enough period of time, the team will realize they are living the good ole days....
Jayne McQuillan, CPA, MBA, CEPA is a strategic management consultant, and the owner of Journey Consulting, LLC, in Green Bay