TIME; it is the only resource we are all short of

Goodbye 2018. Hello 2019!

Another year gone….where does the time go?  Yet time is everything when it comes to information transfer within a business, particularly management information (MI).

  • The time taken to gather and verify the relevant data.
  • The time taken to process the data to produce insight and answers.
  • The time taken to publish the insights in a meaningful format.
  • The time taken for key individuals to consume the information and understand what it is telling them.

And crucially, the time taken for those individuals to act on that information to bring about a positive change.

Effective Management Information

We all agree that effective management information communication contributes enormously to business success, reaffirming purpose and aligning goals. It is far easier to negotiate your way successfully through a cash flow pinch point in week two of the current month if all the relevant parties know it is coming up, what payments to chase and WIP to bill at the end of the previous month.

Take too long, however, and the time costs of producing your MI can eradicate much of the benefit. Most MI tends to evolve over time via a succession of individuals. It can turn into a cumbersome behemoth to produce, that few people have the time to read, let alone understand and act on with confidence. So how long does it take for your management team to get sight of and understand the previous month’s, quarter’s, or even year’s results?

If the answer is ‘too long’ then maybe 2019 is the year for a revamp.

Reporting Tools

There are so many inexpensive reporting tools available at the moment. Including many that come with Microsoft Office. With a little guidance, you can create a reporting suite that takes minutes to update (even in Excel), is easy to understand, and outputs key performance information on whatever platform you like to send to whoever…and in real time. Investigating how much time you can save is definitely worth a little bit of yours.

Patricia Kinahan, Hazlewoods

The Hazlewoods team of 27 specialises in strategic, financial and taxation matters across the legal sector.

Collectively we have amassed over 185 years’ service in advising law firms of all shapes and sizes. Hazlewoods is well known for its compliance services but also advising on many strategic matters such as mergers and acquisitions, management information, valuations of practices and improving performance (both profitability and cash flow) for practice.  With over 185 years of experience in the team, there is not a lot we have not seen!

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