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Targets are not a static outcome. They should, as a matter of good business practice, be revised every three months. Twelve month target setting(though applicable for initial budget settings)can be unrealistic and serve as a dis-incentive. Revisions of targets as an ongoing business practice ensure the current business and competitive environment are taken into account now. This will allow for
Everyone has their way of measuring things. Quite often the way you measure something could be different to the way I measure something. And the way I measure something might not conform to generally accepted principals. Is that wrong?. The answer to that is both yes and no. If you seek to compare your measures to Industry benchmarks then you will need the same computational methodology
Planning is an essential part of all businesses. Too often we think the opposite, that it's a burdensome year end ritual. The businesses that think like that fail to understand that it should be entrenched in the day to day paradigm of a business rather than the year end ritual that some grudgingly undertake and most don't bother. As a minimum it should be a twelve month planning cy
Know your Stock Days Quite often we relate to our inventory holdings purley as a dollar number. So at any point in time we know the dollar value and use that as our guide as to whether the value is currently appropriate to our trading. By using this "dollar" Inventory number you still need to mentally ascertain whether the current holdings are appropriate or not and that determina
 

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