1. Drill down into the facts and figures
If you want to identify ways to save your business money, it is going to take a lot more than just a summary. You need detailed financial records so that you or a financial advisor can see where your business is wasting money or being inefficient.
2. Understand how your business operates
You should be able to report on various business metrics that have an impact on your ability to operate. Do you know how many units you have sold in the past week or how much overtime was needed to complete the last big order? These are all things that you should be able to produce if asked. (more…)