Get Rhythm? Why Rhythm is as Important as Accuracy in Your Financial Reporting

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Get Rhythm? Why Rhythm is as Important as Accuracy in Your Financial Reporting

Do you want to meet or exceed your company goals?  Then you have got to Get Rhythm!

Johnny Cash sang about rhythm in his famous song, Get Rhythm.  It starts out, “Get Rhythm when you get the blues.”  Even better, get rhythm and avoid the blues!

I have always been a proponent of setting big goals. In my early years in business, I set big goals, and often, way too often, didn’t meet those goals.  Each time I failed I would get a big case of the blues, and so would my team. Yikes! Failure is no fun.  It was demoralizing, and it took away our momentum.  Instead of smooth, continuous progress, we had to pick ourselves back up and start again. Something was missing.  While there were contributing factors, the most important was that I had failed to put our company, division and individual goals to rhythm.

So why does rhythm matter?  It captures and reinforces where we place our Attention. Energy flows where attention goes.  On a daily basis, each team member is busy getting their job done.  Putting the company and their personal goals into a reporting rhythm captures their attention.  Where attention goes, energy flows.  Energy to integrate change, create movement and drive results.

  1. Integrate change. Clear focal points allow team members to integrate change more quickly. It is rare than a day turns out exactly as you planned.  Adjustment and self-correction is a necessary talent for everyone on your team.  Clear measures reported on a regular rhythm allow your team to adjust easily and stay on course.
  2. Create movement. When you say march, are you sure your team knows where to go? If you make a habit of establishing a 1 to 3 metric scorecard for each person on your team, and you reinforce it with a weekly review, movement naturally begins to follow the metrics.  Everyone wants to succeed.  Weekly scorecards, diligently prepared on the same time each week create the movement you are seeking. Define success and create space for your team to succeed.
  3. Drive results. Every CEO is focused on their sales and bottom line.  But are you measuring only monthly?  Are you waiting for month end close to tell everyone what happened?  For a reporting rhythm to drive results, it can’t just be about month end.  Below I have outlined the reporting rhythm from the Mackey Advisors Financial Operating System. ™
Monthly financials Executive team Monthly
Monthly financials Entire team Monthly
Firm Forecast Executive team Weekly
Division forecast Each team member in the division Weekly
Weekly scorecard Each team member Monday morning
Quarterly rocks Executive team Weekly
Quarterly rocks Entire team Monthly
Monthly plan Executive team Monthly
Monthly plan Entire team Monthly

 

Each reporting cycle has a preset time, place and agenda. Contrary to what you might think, it really doesn’t take a lot of time. Because the information is repetitive, each person assimilates the results quickly, so the process improves, rather than drags efficiency.  And best of all, each time we install this system, our clients’ experience dramatic improvement.

At Mackey Advisors, we are passionate about bringing prosperity to life.  If you’d like to learn how we can help you build a more prosperous business, reach out to me at 859-331-7755 or at Mackey@MackeyAdvisors.com

In joy,

Mackey

About the Author:

Author, speaker and fearless leader of the Prosperity People, Mackey McNeill is a passionate entrepreneur dedicated to creating prosperity in the lives of her clients and within her community. She has merged over 30 years of expertise as a CPA and Personal Financial Specialist with her knowledge of internal alignment to create The Prosperity Experience: a planning program rooted in self discovery and financial self actualization. A sought after thought leader on the subjects of money and intention, Mackey has been quoted in The Wall Street Journal, The New York Times, TIME, Money, USA TODAY, Mint.com and Reader’s Digest, along with many other publications.

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