Your Business Scorecard

By Tina Zawila

If you are a Queenslander and follow rugby league, you may still be on a high from last week’s State of Origin Series win. What a game! What a team! What a convincing score!

If you are also passionate about business like I am, you might also wonder what lessons we can learn from sport that we can apply to business. After many years of participating in both business and sport, I know the answer is “plenty”!

The Queensland team demonstrates so many indicators of success:

• They clearly know why they are there, who they are playing for, what their purpose is, and they have a clear mission and vision. 
• They know what teamwork means, they support each other to individually perform at their best and to combine their talents to be unstoppable. 
• They understand the tactics of the game and clearly execute set moves (systems) and strategies. 
• They can read the scoreboard to know exactly where they are in respect to their performance and how much time is left in the game. 

It is this ability to read the scoreboard that I want to focus on when it comes to business. Your financial statements are the scoreboard of your business – they can tell you whether you are winning or losing. However, many business owners cannot access and read their scoreboard, or they are reading a scoreboard from last season!

It is important that you have access to an up to date scoreboard via real-time accounting software that is kept up to date regularly. You must be able to generate financial reports easily and accurately. And you should know how to read and interpret the reports so that you can make necessary changes now to improve your chances of winning.

If you need help implementing, using or reading your business scoreboard (financial reports) call the professionals at Sothertons today on 49721300 and together we will give you the best chance of success in your game of business.