I’m surprised how many small businesses don’t have a system in place to monitor the business, general practice is a great example. Without it’s like driving blindfold.
It’s important for a manager to know how the business is performing. It’s a way to see if goals are being achieved or if changes are needed. It confirms prior decisions and is the basis for new ones.
Reasons for not having one might be a belief that everything is fine, but if you can’t see you don’t know what’s coming.
It could be not knowing what to monitor which is made easy by creating a dashboard with a simple 3-point framework.
Financial – ideally the Profit and Loss statement. If not totals for income, expenditure or even the bank balance are helpful.
Indicators – a carefully aligned set of KPI's for the important areas of your business. They might include list size, DNA’s, online use etc and can be tailored to what you want to know.
Experience – of your patients e.g. as shown in surveys, friends and family, complaints and compliments. Find out what they think and what they want.
Create your own dashboard, monitor monthly, record and track for trends, and compare to past periods and targets and you’ll soon see how you’re driving.
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