Identify the specific questions or decisions that need to be addressed through these processes.
For example, it could be assessing the impact of different market scenarios on cash flow or evaluating the financial feasibility of a strategic initiative.
If you want to manage performance you need to select the right KPIs.
However, without a structured reporting framework you'll likely fail on measuring and managing them.
Here's the CFOs Guide to setting up a structured performance management framework ๐งต.
There are 12 steps to take...
1. Identify stakeholders 2. Define objectives 3. Determine frequency 4. Select metrics 5. Design format 6. Choose data sources 7. Data validation 8. Customize to needs 9. Test and iterate 10. Communicate 11. Confidentiality 12. Review and adapt
1/12 Identify stakeholders
Determine the key stakeholders who will be using the reports, such as executives, department heads, investors, and regulatory authorities.
Understand their information requirements and preferences.