March is one of my very favorite months each year – SXSW, St. Patrick’s Day, Spring Break, and the end of the accounting “year-end/new year” push for most of our clients. This is also the time of the year we are encouraging our clients to report in on their Rocks.
Rocks? Rocks are the short-term priorities you set for your company, the ones that must be done in the next 90 days. It is so much easier to create a 90-day world than be overwhelmed by all of the monumental tasks of accomplishing your vision. Pick 3-5 priorities at a time and go after them.
Your company will have rocks, your leadership team will have rocks and your employees will have rocks. With the increased intensity of focusing on what is most important, your people will accomplish more. A Rock is specific, measurable and attainable. For example, “hire a new Marketing Director, add three new clients to our portfolio, or document new hire process.” Integrate your people into the process.
One very important Rock you should have in place is how to measure your data. How to be able to react to what-if scenarios, measure your successes as well as forecast the data that keeps you up at night. They are also called a Scorecard, Key-Performance Indicators (KPIs), Trend Predictors or Gauges.
You should identify 3-5 numbers that you would want to use to take the pulse of your business consistently and accurately so that you can take effective action. (Cash in the bank, new matters opened, billable hours, productivity ratios, inventory levels and so on.)
Start tracking them on a weekly basis and as you collect the data you will see trends and opportunities for improvements. In addition to knowing your numbers, your leadership team and employees know you’re tracking your numbers and an amazing phenomenon often occurs – “what gets measured, gets managed.”
We recognize that not all companies can support a full-time CFO, COO, or Office Manager and small to mid-size companies may only need minimal assistance with bookkeeping, billing, tax and human resources. Our management experience can allow even the smallest of companies to have an administrative partner. B2 Management & Consulting can provide efficient solutions for the day-to-day management of your office.