The monthly meeting that changes everything

"How's business going?"


When someone asks you this, do you answer with a feeling or with facts? Most business owners I meet go with their gut.


But here's the thing: your gut feeling isn't always right, and it definitely won't help you make smart decisions about your future.


Why This Matters to You


If you're like most business owners I work with, you look at your numbers once a year with your accountant, usually months after your year-end. By then, it's too late to fix any problems or grab missed opportunities.


But what if one simple monthly habit could transform how you run your business? I'm talking about turning boring management accounts reviews into powerful strategy sessions that drive real growth.


Why Most People Struggle With This


The main reason business owners avoid monthly financial reviews is simple: numbers can feel overwhelming. When you're faced with pages of figures and charts, it's tempting to just check the bank balance and move on.


Another common excuse?


"I'm too busy running the business to look at reports." But here's the truth: running your business without reviewing your numbers is like driving with your eyes closed. You might be heading straight for a cliff and not even know it.


Making Numbers Meaningful


Think of your monthly management accounts like your business's health check. Just as your doctor checks vital signs like heart rate and blood pressure, your management accounts show your business's vital signs - cash flow, profit margins, and sales trends.


But it's not just about looking at numbers. It's about asking the right questions:


  • Why did sales drop in a particular area?
  • Which services make the most profit?
  • Where are we wasting money?
  • What's working that we should do more of?


These monthly checks help you spot problems while they're still small enough to fix easily.


Turning Reports into Action


The magic happens when you stop treating these reviews as just another admin task. Instead, make them a strategic planning session.


Here's how:


First, schedule it early in the month - ideally within the first week. That keeps the previous month's activities fresh in your mind and gives you time to adjust your plans.


Second, come prepared. Have your key numbers ready, but also bring notes about what happened last month - both wins and challenges. This context helps explain what the numbers are telling you.


Finally, focus on decisions and actions. Every review should end with clear tasks that will move your business forward.


The Power of Regular Reviews


When you check your numbers monthly instead of yearly, amazing things start to happen:


  • You spot trends before they become problems
  • Good decisions become clearer
  • Your team gets more focused
  • Your accountant becomes a valuable advisor
  • Your business starts growing more intentionally


I saw this work wonders in my own business.


Regular reviews helped us spot a pricing issue that was eating into profits. By catching it early, we made small adjustments that added up to significant gains over the year.


Making It Work for You


Start simple.


Focus on a few key numbers that really matter for your business:


  • Monthly revenue trends
  • Profit margins by service or product
  • Cash flow patterns
  • Customer acquisition costs
  • Customer retention rates


Don't get bogged down in every detail. Look for patterns and changes that need attention. The goal is to understand enough to make better decisions, not to become an accountant.


Turning Insights into Growth


The real value comes from what you do with these insights. Use your monthly reviews to:


  • Adjust prices that aren't working
  • Cut costs that aren't adding value
  • Invest more in what's working well
  • Plan for upcoming opportunities or challenges
  • Keep your team focused on what matters


Remember, this isn't about crunching numbers - it's about making smarter decisions for your business's future.


Takeaways for Better Business Decisions


Before your next monthly review:


  • Schedule a regular time early each month
  • Identify the key numbers that matter most for your business
  • Prepare questions about what the numbers are telling you
  • Plan to turn insights into specific actions
  • Make your accountant an advisor, not just a numbers person


Most importantly, remember that monthly reviews aren't about looking backward - they're about making better decisions for your future.


Ready to transform your monthly reviews?


Start by scheduling next month's session now.


What's one key metric you'll focus on first?