Pro-actions - Business Improvement Specialists

Helping you build a remarkable business

03333 440 517

Facebook Twitter LinkedIn Google+
Google+

Go back

Using MI to drive informed business decisions

Posted on 22/02/2016, 13:55

Management information (MI) is data or statistics which is collected and used to measure performance in given areas of a business and drive change to achieve improvement where needed.

MI helps you make valid business decisions by providing accurate and up-to-date information and reports to provide guidance for your decisions. However your MI has to be relevant, accurate and timely to be an essential element that drives business decision making.

Lack of MI and key performance indicators (KPIs) are among some of the main reasons why businesses struggle. Yet we often see incomplete, inaccurate, unreliable MI that is not produced within required timescales and a lack of KPIs or poor KPIs not aligned to the business goals.

Many people who own and run businesses in the SME sector possess unique technical strengths but find the “business numbers” the least favoured part of business. However it is essential that you can identify the vital areas to focus on for sustainable growth and then make sure you understand those areas, take ownership of them and take action based on the results produced from these areas.

Therefore to run your business successfully management information is vital – whether financial, operational or organisational.

But to be effective, that information has to be timely and regularly available when and where it is needed. It must be accurate so it can be relied upon. It must be complete giving you everything you need. It must be relevant such that you are not overloaded with superfluous data and it has to be easy to understand so there can be no risk of misinterpretation. Finally it needs to be quick and cost effective to produce so the energy you expend producing your MI is not greater than the benefits you will receive from its use.

Of course, as a business leader you still have to make the decisions but by measuring and recording the results from all areas of your business, understanding the results and acting on them you’ll find you make more effective and informed business decisions.

Want to talk further with your business coach?










captcha

The Most Important Thing is the Most Important Thing

What do you want to achieve in your business? Every owner manager had their reasons for why they started out on that journey – what are yours? And more importantly, are they still valid, are you on track, or are your hopes and desires being frustrated?

Read More

Marketing series #3: Don’t settle for Fluffy!

It’s not only Hagrid’s three headed beast of Harry Potter fame that goes by the name Fluffy. Marketing has been “accused” of being ‘fluffy’ by which it is meant that it is not measurable, not accountable and it is unclear how it impacts the business.

Read More

Marketing series #2: ‘Is your marketing fit for the digital age?’

So you have your marketing plan sorted out (if not, see our previous blog in this series for some useful pointers).  Now you just need to make it happen.

Read More