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Peter's Tips #4 on Practice Management - Understand the numbers

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#4 Brief presentation in Peter's Tips series on Practice Management. Deals with the critical need to understand the numbers and metrics.

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Peter's Tips #4 on Practice Management - Understand the numbers

  1. 1. Manning Charles & Associates Limited Peter’s Tips on Practice Management #4 – Understand the numbers • Ensure that you understand the numbers. By this I mean learn what the financial numbers mean • In addition, you should be tracking and a reviewing a range of performance metrics – these are not necessarily financial, but often have $ implications • You can spend a lot of time developing and tracking metrics. My advice is to stick to a few critical ones. Some of these are generic, e.g. chargeable hours, rate realization, others may be sector or industry specific • I have found that many people understand metrics or performance indicators more clearly when they are presented in a graphical format • Recognize that the numbers and metrics tell you a story. Now the story may not always be one that you wish to hear, but my recommendation is that you ‘listen’ carefully to the tale and then decide what you are going to do. Peter’s Tips © July 2009 1 Peter M Salmon and Manning Charles & Associates Ltd
  2. 2. Manning Charles & Associates Limited Peter’s Tips on Practice Management #4 – Understand the numbers • Now if you do not know what story the numbers are telling you, talk to someone who can help you understand • Muddling along with poor understanding is likely to critically impact your business and not for the better • A key point to remember is that making the effort in this area will help you manage the overall practice more effectively and profitably, which after all is what you want. • If you can do this personal stress levels may well be eased. Peter’s Tips © July 2009 2 Peter M Salmon and Manning Charles & Associates Ltd
  3. 3. Manning Charles & Associates Limited Peter’s Tips on Practice Management Peter Salmon – Principal - Manning Charles & Associates Ltd • Peter is a senior executive and consultant with an extensive business management, professional services leadership and delivery background. He combines this with significant organisational change, business assessment, and resource management experience. This is complemented by having worked in a number of countries and a varied range of business sectors. • Peter's consulting experience includes IT consulting, general consulting, financial investigations and valuations, and litigation support. His other experience includes practice development, practice management including service economics and profitability, quality assurance and resource management. • This knowledge and expertise is combined with a strong record of achievement. For many years Peter has worked with CxO level executives, management and staff to provide business focused outcomes to issues. Should you wish to contact Peter on this or any other matter, where he might be able to assist then :- Phone:- +64 21 533651, or Email:- manningcharles@woosh.co.nz Mail:- PO Box 25197, Panama St, Wellington 6146, NZ Peter’s Tips © July 2009 3 Peter M Salmon and Manning Charles & Associates Ltd

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