As we head into the rule of 6, no doubt cleverly thought up by one of Dominic Cumming’s team, one of the things that is confusing and frustrating the British people at the moment when it comes to fighting this virus is the inconsistency of the government’s messaging. No-one really knows what we’re measuring anymore, how the government is arriving at their decisions and what the rules are.
Now, I don’t necessarily blame the government. It would be handy if they knew what they were doing and could measure, manage and communicate to us what the hell is going on but it does seem to be a bit of a struggle and it’s disappointing that we haven’t got a grip on this pesky virus. I woke this morning to hear that a Southampton Boat show has been cancelled within hours of it due to opening. 20,000 people were due and 230 boats were in situ. Cue the lawyers who will be making a tidy profit on that one. Consistency is at the heart of most decisions and that’s what we seem to be lacking at the moment.
Whether it’s weight loss, fitness training or presenting an idea to a boss, a colleague, an investor or partner, the one thing they will want to look at are the numbers. And more to the point, not just ‘some’ numbers, but the same set of numbers over a consistent and relevant period of time. The reporting on a consistent set of numbers, over a consistent date/timeline will paint a picture of what is really happening and that will be the trigger of knowing where to look for opportunities, problem-solving and deeper analysis. Numbers on a spreadsheet appear in 3D to a good financial manager and they indicate where deeper analysis is needed. Numbers alone don’t provide answers, but they do tell you where to shine the light and dig deeper. It’s no wonder that many finance folk run businesses. It’s all about the numbers and the numbers are all about consistency of tracking/measurement.
I did an interview with a Hotel Financial coach a few weeks back and his advice to anyone starting out on fiscal management was to pick one KPI and track that, regularly. Just one and see how you get on.
So, what’s happening in the events industry?
How many people are booking events?
What type are they?
What size are they?
How much are people paying for these events?
And more to the point – How are you performing? (when measured against your competitors and the rest of the market)
Surely you know that right?
You could be flying (according to your own budget) but what if the market is outperforming you and you could be doing even better?
Or, what if you’re not doing so well and you don’t know why?
Looking at a single, snapshot of data is meaningless. For true financial management, it’s important to track an agreed set of numbers over a period of time. Consistency. Only then will you be able to understand what is going on and where to look for those all-important fixes, improvements and adaptations.
Consistency is king (or queen).
Check out some of our reports that will help you measure your performance over days, week, months, years. You choose.