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November 20, 2019

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20 Steps To World Class CI Performance

February 27, 2017

The road to top performance involves adopting best practices that combine business intelligence, business coaching and business system process. VITAL MGMT has identified 20 elements to achieve world-class performance. The first five of these are achievable just with the bi4ci service. Items 6-9 provide a basis for comparing companies on an apple-to-apple basis like never before. Follow this prescription and get to 20% normalized op profit, increased bandwidth and true wealth in your business.

 

  1. Adopt the Bi4Ci Chart of Accounts (literal use)

  2. Keep posting and updates fresh within a week minimum; work toward daily updating

  3. Keep accurate payroll census records

  4. Use Bi4Ci dashboards to help set priorities and take action in the business.

  5. Close each month within 5 business day of calendar close

  6. Treat inventory as an asset; track delivery to projects

  7. Treat client deposits as a liability; keep cash separate from project billing

  8. Do project billing based on delivery of Equipment, parts and Labor

  9. Recognize revenue on a production (delivery) basis

  10. Use our standard reports to run weekly meetings and assess the business’s performance

  11. Track what you owe (work pre-paid) and what they owe (money due to you)

  12. Track project type at inceptions (A, B, C, D)

  13. Conform to Brand and Model scheme in QB

  14. Adopt VITAL’s standard categories for reporting purposes

  15. Conduct regular post-mortem team meetings on each project over 16 hours in Labor; learn, document, make changes

  16. Develop an annual financial plan to test monthly results against and make corrections

  17. Treat non-operating revenue and expenses extra-ordinary adjustments in special accounts

  18. Accrue when possible for significant within the year expenses (bonuses, tax liabilities, etc.)

  19. Adopt GAAP and get your numbers audited annually (After $2M in Revenue)

  20. Accumulate cash and keep adequate equity in the business to preserve the health of the business

 

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