God Has Already Worked It Out; We Must Walk It Out!
Metrics & Evaluation—
Measuring and Evaluating Your Financial Reporting System
Be thou diligent to know the state of thy flocks, [and] look well to thy herds.
From Last Month’s Article-
Metrics & Evaluation-You have systems in place that keep you operating correctly, effectively, efficiently and timely.Business Owner—the answers to these ten questions should help you begin to measure the results of your operations and the efficiency and effectiveness of your financial reporting system—
- Do you know your business checking account balance as of today?
- Do you know your weekly, monthly, or semi-monthly cash requirements for working capital to pay your business obligations and to grow your business?
- Do you have adequate working capital to pay your obligations on time and as agreed?
- Do you have financial statements prepared or available on a regular basis for review and evaluation purposes?
- Do you have a regular and consistent savings and/or investment plan?
- Are you able to provide a fringe benefits package to yourself and your team members in addition to salaries or other compensation?
- Is your business cash flow situation preventing you from growing your business at a steady rate?
- Is your business cash flow situation negatively affecting your personal life?
- In general, do you not have enough, just enough or have more than enough cash flow?
- If you do not have a financial reporting system in place that allows you to answer these questions, are there plans in place to implement it in the near future?
Bonita M.W. Shelby is a Certified Public Accountant and Certified Business Manager. A graduate of Howard University, Ms. Shelby is a member of Jericho City of Praise and a Breast Cancer survivor. She helped establish the Howard University Hospital Breast Cancer Support Group. Ms. Shelby is the principal and business life coach of Kingdom Business, Inc. Responses are encouraged and for more information, I invite you to visit our website for a FREE Business Vision assessment at: www.kingdombusiness.biz/ or email us at firstname.lastname@example.org or call 301-445-0398.
Copyright© 2006 by Bonita M.W. Shelby, Used by permission, BlackandChristian.com