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Step 9 of Building a Better Business

Anna Stubbs • August 2, 2023

Monitor your progress to reach your targets

When you’re driving, there are certain things on your dashboard that you keep an eye on - your speed, your fuel level, and the engine’s temperature.

It should be the same in your business. You should have a business dashboard with 3-5 key things you’re monitoring regularly.

Use this four-step process to create your own dashboard:

1. Determine which Key Performance Indicators (KPIs) should be on your dashboard.
These KPIs should have the greatest influence on you achieving your goals. For example, it could be the average hourly rate invoiced, your gross margin for any job, or the average transaction value for a certain period of time.

Which of your KPIs, when increased or decreased, will have the biggest impact on your future results? Choose no more than five to measure and have on your dashboard.


2. Work out how to measure your chosen KPIs.
The measurement process should be automated wherever possible. Most accounting software will measure your financial KPIs.


3. Produce a simple one-page report.
Produce this either weekly, fortnightly or monthly to track your results and progress. Set aside time to go through this report every time it’s produced and share the results with your team.


4. Repeat these steps with your team.
Identify the KPIs each team member should be monitoring. These will be different from the KPIs for your overall business. KPIs help your team understand the definition of a great day’s work for them. Monitoring and reporting the KPIs regularly will help your team know if they’re on track.


“Successful businesses measure and count things… unsuccessful businesses either measure nothing, the wrong things, too many things, or finally, they measure the right things, but they don’t communicate the measurements efficiently.” - Dick Costolo

What's happening with Making Tax Digital?

By Anna Stubbs • February 5, 2025
Keeping up to date with HMRC’s Making Tax Digital initiative is important, whatever size business you run and however you currently record, submit and pay your business taxes. Let’s take a quick look at the goals of Making Tax Digital (MTD), which requirements are currently mandatory and which elements are likely to change in the near future.

What are your business goals for the year ahead?

By Anna Stubbs • February 5, 2025
The beginning of a new calendar year is an excellent time to review last year and reflect on what worked, what didn’t, what you’d like to change and new things you want to implement. Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an objective perspective can provide valuable insights to prepare for the coming business year. Planning and goal setting will help provide a focus for your business efforts. 

Should you buy a building for your business?

By Anna Stubbs • February 5, 2025
Tired of paying rent for your commercial premises and considering buying a premises for your business?  Owning a building works best if your business is well-established, you have money to invest, and you’re taking a long-term approach – it can take many years for this decision to pay for itself.
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