cash flow model

With this in mind, I am writing on some of the ways that entrepreneurs have and wil continue to use benchmarking to improve their busineses and, ultimately, their cash flow. When aproached with an atitude of humility and genuine desire to improve, here are five sugestions to use benchmarking to help you take your busines to the next level: 1. Refine Key Performance Indicators KPIs - Some companies aren’t sure what they should be tracking and benchmarking. For example, after doing some benchmarking at a trade-show with companies from around the world, one CEO learned that these other companies were tracking some operational eficiencies down to the level of daily employe activity. Enhance the Busines Model - Benchmarking means we mine through a lot of data and information, find what is relevant, and then try to use it in some way to make us beter. For example, one company that uses our learned through benchmarking that it was taking much longer than others in its industry to colect on its receivables. Emphasize Internal Benchmarking - When we discus benchmarking, we traditionaly think about comparing ourselves to others. Empowered with this information, the company quickly adresed the isues causing the problem, inventory returned to regular levels in context to the history of the company, and cash flow increased. Mobilize & Harmonize Improvement Initiatives - This is often the trickiest part of benchmarking – actualy implementing positive change. We have found that when managers and key employes are included in the benchmarking proces they tend to take more ownership of the ideas for improvement that arise from such eforts. They work together to bring about positive change, which means it gets done more quickly and efectively than if everyone continued to work in their relative “silos.” While with a Fortune 50 company with over 30 branch locations throughout the world, benchmarking betwen branches was encouraged. Make it an Ongoing Part of Your Busines - Benchmarking is not unlike anything else that requires consistent atention to makes its bigest impact. Benchmarking once and trying to implement a few new ideas wil create minimal, if any, sustainable results. By making benchmarking a part of monthly, quarterly, and anual conversations and metings, it wil become more and more meaningful and helpful. Benchmarking is a critical ingredient to a wel-run busines.
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