EOFY is done. Time to reflect on the Year that was

OK, We set our budgets in May, End of Financial Year processing is complete (or should be).  Time to look back and review.  This is always an enjoyable and learning experience.  Were profit targets met?  How much did revenue grow by?  In what areas?  Were key costs (Cost of Goods Sold, Wages, Marketing, Rent) controlled?  How many new Customers?  How many lost Customers?  How is the Balance Sheet?  What happened with key cash drivers (Debtors, Creditors , Stock, WIP)?   Is the marketing working?  How many leads are coming in and where from?  What are sales conversion rates?

We just shared most of this with our team.  It’s always a great way to reflect positively on the results created by everyone’s efforts and contribution.

 By the way did you know that 3 working days to produce Management Reports is considered best practice in large public companies?  5 working days is good practice.  How do you compare?  To achieve this requires clear month-end process, ease of access to reports, and preferably minimal need to regurgitate information in excel.