Set up a reminder in your calendar to log in to your Hello CASHFLOW software and compare your actual Revenue to previous months. This could be done monthly or quarterly, depending on your business cycle.
In your Hello Cashflow Revenue Report, look out for patterns or fluctuations in your monthly Revenue. Compare these to the same time last year. Don't worry about comparing to your Budget at this point - just focus on what has changed in your actual figures. Credit: iStock, Mongkol Onnuan
Are there any steady increases? And if so, why do you think this is? Is this a result of a particularly successful marketing campaign? And if so, make sure to build on that success and plan to repeat that cycle in three to six months time.
Are your numbers pretty much consistent month by month, year on year? Are you satisfied with that result or are your goals moving further into the distance due to external factors? If so, what can you do to drive an increase in Revenue over the next 30-60 days and then be sure to analyse the success of that strategy at your next diarised date with yourself.
Are you seeing any sudden decline in Revenue? If so, does this surprise you? What might be the cause of the decline? Don't make excuses but really get to the bottom of problem. It might be your operational and administration activities are all order. But have you considered that it might be time to reassess your own mindset with support from a mentor or trusted advisor? A different perspective can help reignite your entrepreneurial spirit and drive a turnaround in your declining Revenue.
Do you see the same ups and downs as last year and the year before? If so, is your cash flow planning robust enough to see you through these peaks and troughs? If you are unsure as to whether your can make it to your next big influx of cash, put your mind at ease with your Hello Cashflow Budgeting and Scenario Calculator tools.
Understanding these variations allows you to pinpoint areas of success as well as areas for potential improvement.
Comments