That same morning, I received the accounts package from another profitable and well run company - but for January.
It made me think about the very privileged position I have in being able to compare and contrast and draw conclusions as to best practice across a whole range of companies at different stages, with different priorities.
Having made more than 70 early stage investments in my 15 years of active investment, there is a certain pattern recognition which emerges and which I'm going to attempt to crystallise as 'Best Practice Tips'.
The best way to disseminate these - in the hope that they'll be useful to some - is to 'tweet a tip' every day.
The output will not be organised in sections or subject heads - nor will they necessarily follow logically one to the other but will be randomly put out - as they occur.
Two tweets have already gone out 'on test' - and I intend persisting with them as long as people are commenting.
Sometimes the 'best practice tip' (bpt) will be tough to get into 140 characters without being too obtuse or cryptic, in which case, deck.ly will do the job.
The 2 tips put out thus far are:
Tip1: know your cash balance every day
Tip 2:Get management accnts out by 10th of month,closing KPIs on the 1st. So Feb KPIs ar… (cont)http://deck.ly/~VZ17o
Want to keep getting the best practice tips? Follow me on Twitter ... @robinklein
This is great Robin. Really helpful. I'd be interested to know what tools people using for capturing KPIs and accounting info. I've ended up using excel and not sure my templates are the best.
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