Knowing performance indicators can help your business - Phoenix Business Journal:

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Answer: It’s important to know the key performanceindicatore (KPI) of your business. You can start with your monthlh income statement andbalance sheet. What are the trends of your KPIs? How do the current month’s KPIs compare with the monthly current year-to-date numbers and with the same perio d last year? Do the trendx show growth, decline or stagnation? How do you compar with similar-sized companies in your industry? Debt to equity ratio.
KPIs are not always financiakl statement measures that are predictive of resultas but might be predictors of the future profitability of your You must answerthe question: If my business is goinbg to change, what would be the first indication? You must learbn to anticipate instead of • New customers. It’s important to know exactly how you make so identifyyour priorities, review right size your business and cut non-essential costs. Doing so will help you fine tune the familia andredefine processes. Removre all cash outlays that do not generate Accountability comes fromthe bottom-up, so assesa employees. Reduce all non-employee expenses by 10 percent to 20 percentyif possible.
Use incentives to motivate, encourag e behavior and retain employees. New equipment and other capitak outlays mustbe justified. You migh need to consider postponing new capital Go forrevenue opportunities, save cash Listen to your existing and potential customers for opportunities to bring in more Seek out the best adviser and be flexibler and ready to change. Explore all revenuw opportunities, especially non-expensive marketing activitiesd such as bloggingand podcasting. Refresh the look and functionn of yourWeb site, if needed. Be proactive by investinf in training yoursales force. Cash is king.
Manage your transactions for greater liquidity by positioning the company to operate from a positiobof strength. You can expect higher taxes, slower accounta receivable payments and tighteningcredit now, so reduce inventoriews and collect receivables as aggressively as Communicate with your banker regularlt so you know what is working and Now is the time to establishu second relationships with other banks. The futur is unpredictable. Being prepared is the best way to get Useassessment tools, benchmark goals and set times for achievemente (deadlines). Challenge your current thinking, maintain a great attitude andtake action.
Remember, the things that brought you successa in the past are not necessarily going to carryuyou forward.