When we interview our new clients we ask what processes they have in place for reporting and the frequency of this reporting. It is not a surprise any more to hear that this isn’t in place, or is in place but not followed, isn’t meaningful or I’m too busy to deal with it!

Every business has this issue and the opportunity to make this something that weekly can give management a barometer of where they are on what is vital for that businesses success. There are items that likely would look the same generally for a lot of companies coupled with specific reports that are necessary for the unique aspects of each company.

Your goal as you think through this is: what information would help you to know where you were at a glance in summary form, along with what information do you need in detail. I have provided some ideas below that are general but hopefully will help get you started. I would suggest weekly would be the appropriate frequency for these.

Summary

• Net liquidity

Checking
+Receivables
+Inventory
Less Payables
Less Credit Line
Less Other Current liabilities
= Net liquidity

• Credit line availability
• Backlog of open orders

Detailed Reports
• Accounts receivable aging
• Accounts payable aging
• Inventory
• Job costing

Now the question comes down to whom in your company has the ability to pull this together and who should be doing it. For the detailed reports: if you have an accounting staff, calls should already be noted on the receivable aging on actions to be taken on past due balances. Inventory over/under stock coupled with back order problems need to be monitored. In job costing how are you tracking with regard to budget and best use of staff. These tracking entries will help to reduce the panic in your day-to-day business operations.

Tim Garrison
The Controllership Group
317-572-1225
timg@thecontrollershipgroup.com

Expressing our appreciation has seemingly become a lost art in the day-to-day business dealings. When was the last time you received a thank you note from a business or vendor? You probably remember it because it was unique. Isn’t that sad that it was unique? There was a time a thank you note was commonplace, and now with the hustle and bustle of our busy world, many people push this activity aside – using such excuses as it’s not a requirement or thinking a quick email saying “thanks” will suffice. How many emails do you receive every day? Is an email saying thank you really going to make any real impact?

In today’s business world, it is getting more and more competitive. Whatever you can do to get an edge in today’s marketplace will make a difference, even if that edge is very slight over a longer period of time. Think about this – there is a general contractor in Indianapolis who sends out a thank you card to potential customers with whom he has met with and has given them a bid. Imagine if you were getting bids for a kitchen renovation, and one to two days after you received a bid from one of them, you received a thank you card – a thank you card saying “thank you for the opportunity to bid on your kitchen renovation project.” I would venture to say this slight edge would push his bid above the others, even if their price was slightly higher because it shows appreciation, and what customer does not want to feel appreciated?

One thing every business owner has probably said at least once a week is there just is not enough time in the day to get all that needs to get done. Between the business meetings, networking, workshops, and time to do the work needed, many business owners wish they had more hours in the day. Show your appreciation and gratitude for those who took the time to meet you for lunch or a business meeting. Take the time to write a thank you card to the presenters after a training workshop or a club meeting.

Here are some pointers on crafting an appropriate thank you card. To begin, your first line should be very a specific reference to the reason for the card (ie. meeting, event, gift). Secondly, say something personal you remember from the event and how it affected you. This will keep your note from reading like a general template. Lastly, end it warmly by saying thank you again in a gracious and appreciative manner.

There is much debate concerning a handwritten card versus a computer-generated printed card. I have received both and given both, and for me personally, it does not really matter. Both show an expression of appreciation and thoughtfulness – and it shows up in my mailbox and not hidden among the 100 emails I receive every day.

Serina Kelly
Relevate
www.getrelevate.com
317-203-7740