What does your management information tell you?
Management information (MI) is important in any business as it provides accurate real time information which allows you to assess performance against benchmarks and specific KPI’s.
Effective MI will help analyse trends and provide the data to help make informed decisions. For example it will allow you to monitor sales volumes which will help to plan staffing
levels more efficiently and manage stock holdings to meet expected demand.
MI gives you greater control over your business. It allows you to compare performance with the same trading period in previous years and against budget highlighting any potential
issues. Costs can be reviewed in detail and issues dealt with proactively rather than reactively.
Non-financial key performance indicators can be as important for example customer satisfaction and they should form part of the MI pack.
This is a broad overview of the effectiveness of MI and how it supports the achievement of a company’s financial
management objectives. Please get in touch on email@example.com
or call us on 07917 373432 to find out how we can help further.
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