VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
2022-2023 Tax Planning Guide
Texas Travel Industry Recovery Grant Program Reopens on February...
CFPB Issues Credit Card Late Fee Proposed Rule
Is It Time to Update Your Accounting Practices?
As your business grows, you may begin to lose some of the intuitive feel you once had on its performance. Maybe you don’t “know” all of your staff anymore. Perhaps your grasp on management’s capabilities is not as strong. Maybe you’re no longer able to effectively gauge employee productivity. You may notice the company becoming more department-oriented rather than individual-oriented.
All of these are signs that the business advisors at Doeren Mayhew often see when it’s time to implement some higher-level financial expertise to help clients build the numbers needed to run the business.
Key performance indicators (KPIs) allow you to measure your success at achieving operational and financial goals by tracking business components such as:
Why measure these components? Because KPIs help you to:
Setting up and reporting on a KPI system is a first step toward solid financial performance, and is one of the key ways your business advisors should be providing you with insight into your business.
For assistance implementing KPIs in your business, contact Doeren Mayhew, with CPAs and business advisors in Michigan, Houston and Ft. Lauderdale.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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