Use Business Management Software for Analysis
You have most likely heard the saying “you can’t manage what you can’t measure.” Luckily, the measurement of success at your PSS has become a lot easier with the utilization of business management software.
Understand the 5 Basic Reports to Business Success
Becoming familiar with your PSS’s specific software program and the reports it provides is essential to managing your business. So, take advantage of the efficiency technology can provide; not only as a means for you to manage and save time, but also to generate accurate accounts of your business activity. Ensure this becomes second nature in your job role, and not something you only do once in a while.
There are five basic reports produced by every management software program that are critical to understanding the daily accomplishments of your PSS. These reports are:
Your system might have different names for these reports, or it might take a couple of them to get the specific information you need. Regardless, it is important that you are able to obtain this data and utilize it in managing your business.
As a reminder, note that the software system your business relies on is only as good as the accuracy of the data you enter into it. Remember that old saying – garbage in, garbage out. If you or your team members enter unsound or erroneous data into the program, the resulting management reports will also contain invalid data.
Communicate Business Success and Challenges
As you know, communication is the “key” to any successful business. It is also a critical step in becoming an effective Program Director.
Make it a point to regularly discuss the PSS business – both successes and challenges – with your owner and/or general manager. As a matter of fact, many Program Directors have a standing weekly meeting with the owner and/or general manager to discuss business. Open, honest dialogue leads to better relationships between you and your leadership. This allows all parties to benefit, including your PSS itself.
Present a Simple Business Case for Ideas / Expenditures
As part of these discussions, talk about creative ways to drive the business. Your reasoning skills will most certainly be put to the test and many of your initiatives will require funding. When this is the case, put yourself in the shoes of your owner/general manager. Not only will the amount of funding needed be important to them, but also what you expect to gain from the initiative (especially in terms of revenue projections). This is the “return on investment” or ROI of the venture.
For example, let’s say you ask your owner/general manager for approval to spend $1,000 on a new program you want to implement. You then show how the program will produce $10,000 in revenue over 6 months. Providing these two numbers gives your owner/general manager the whole picture and allows him/her to see what you project as the ROI on the expenditure. Remember, you are always more likely to get approval for ideas and expenditures when presenting the projected ROI.