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Management Accounts – this is just a simple method of comparing
your plan with what happened during the period so that you may
make corrective changes to get you back on track. This is usually
done every month so that you may have a view of what you are
doing. We do share a simple template that you can use when we
do our seminars and courses.

FEEDBACK
Let's examine how feedback works in a car. The feedback from
your car help you make a decision about what to do so that you
keep the car system working perfectly. Let's look at some of these
feedback e.g. speedometer. It's risky to drive without a
speedometer because you must respond to the environment like
speed limit so that you don’t break the law inadvertently. Imagine
driving without the speedometer, you know that would not be a
smooth journey. Driving requires you to respond to changing
environments like raining, the wiper would come in handy but when
it is dry you don't need it. Your car now gives you a warning if your
passenger is not wearing a seat belt. If your door is not properly
closed, your car will warn by showing you light. There are many
more examples but now you have got the idea of my analogy.
Now let’s examine the feedback necessary in your business for it
to run smoothly – customer reviews, staff turnover, audit, survey,
share price, etc.

Let me just dismiss share price as feedback because this book is
written for small to medium-size businesses. The lessons may be
relevant for bigger companies and they have a choice to use it or
not; I believe they would be able to look after themselves.

So, let’s look at other feedback like customer reviews; because it
is a judgement of the customers about their views of the company
as they experienced it directly. Some companies directly ask for
customers' feedback to improve their service delivery. It is an
important part of building a sustainable business. The customers'
patronage is a measure of how well the company is doing; if your
customers aren't happy, they would vote with their feet, nay they
would vote with their ‘credit card' by turning to your competitors.
Staff turnover is another indicator that may help you fix what is
wrong with your recruitment, management, reward system, job

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