How do you currently make business decisions?
Is it gut instinct?, experience? or even just back of an envelope calculations?
- do things just because it’s the way that it’s always been done? After all, if it ain’t broke, don’t fix it, right?
- ever feel at a loss as to what to do for the best?
- ever say, “lets suck it and see”?
- ever lie awake at night worrying about business, money and family?
What is management information?
Management Information is what happens when the data entered by your bookkeeper is converted to a clear, easy to understand picture of what your business has been doing, how it’s doing now and what it will do in the future. Some accountants will supply your management accounts, but to be honest, these are generated automatically these days and not always from up to date information, and they’re only part of the picture. Its what can be learned from them that is important.