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Matrix Key: Financial Viability – Profitability – Measuring the Projections
“It is often said that there are two types of forecasts, lucky or wrong.” – Unknown
Even the best business projections and forecasts are meaningless unless you compare them to your actual performance. One of the most important facets of Financial Viability is to measure your projections, that is, to measure your company’s performance against those projections. If your results vary widely from your projections, you should take action immediately to either stop the bleeding or make necessary adjustments. So what’s the best plan for measuring against projections?
Here are four weekly actions to take to stay on top of your projections:
- Accounting department meeting
- Production department meeting
- Sales department meeting
- Estimate department meeting
Each of these parts of your business need to constantly review their costs, labor, and time, as well as report on any unusual circumstances that will skew the results higher or lower. A forecast is a critical tool for success, but it is just that, a prediction that will be lucky or wrong. The proof is in the pudding, and measuring your results is a key ingredient your recipe for profit.
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