Communicating Value to our clients through Financial Performance
As leaders within our organization it is important that you look at the many components of communicating Value. Many client shave different perceptions of what relevant value truly is. In many cases, Financial performance is one of the top three value drivers for each of you as leaders to accomplish in our clients mind. Managing your client’s budget demands trust, efficiency and consistency all of which are value drivers.
- Below are some key components that support Communicating Value through Financial Performance
- Be aware of the clients financial platform as you need to realize and understand the clients perspective on the number
- Support monthly financial reviews with your clients finance team, remember, you are the expert driving success
- Share your strategies to manage a successful department budget
- Discuss monthly variances with only positive comments, take ownership as you Own Your Business
- Provide as much detail as possible when asked, we are running their business
- If you are in a PL, continually show value as to what is included in your PPD rate each month. No one likes surprises
- Set an example of your financial management skills setting the standard for other department heads to follow
- Be sure to fully understand the contract as your client, interpretation at the same level is key
- Drive revenues in all areas of your department. This truly is a Value Driver as higher revenues work to offset your clients department expenses
- Be accurate with your reporting
- Don’t be afraid to show our systems management to your client
- Get involved with annual budgeting at a higher level, support your clients vision for the future by sharing your expertise of our business
- Manage the budget without cutting quality, service or variety. All of these are true Value drivers
Each month you have a formal opportunity to Communicate Value through effective management of the numbers using the Monthly Client report. However, you also have an opportunity throughout the month to continually show the value with your actions within the Dining Services operation.
Thanks
Kevin J Mclaughlin | Regional Director of Operations