CEO Dave Henderson has successfully incorporated three acquisitions of small managed service providers into the CyberStreams family. While he gained critical experience in executive leadership before becoming an entrepreneur, he told MSPCFO CEO Larry Cobrin that he has had to work at analyzing the financial side of the business.
Henderson said he uses the tools in MSPCFO to make his company more efficient, from booking work to evaluating the way engineers spend their time, to finding innovative ways to sell CyberStreams’ services.
It all comes down to data, he told viewers on a recent Conversation Time with Larry interview. Henderson learned his three-pronged approach to data from ConnectWise guru Paul Dippell:
Henderson admitted that he examines his P&L three to six times a week and that his employees joke about how often he brings up performance measurements. He explained that though P&L is an important measure of your business, it is a rear-view mirror. You can’t make plans off P/L statements because this is historical information. PL doesn’t explain how to make more profits.
Henderson uses those measurements to understand what needs to happen for the business to succeed. He cited MSPCFO’s time-entry timeliness report. He said that tracking time within a ticket rather than entering after the fact not only improves the data quality, but it also forces the right behaviors so technicians can score higher on their job performance evaluations.
Time-entry timeliness also gives CyberStreams forward-looking data and insight. It’s one of several leading indicators MSPCFO delivers that shows both where the business has been and where it’s headed. And it helps the company see what needs to change if the company heads off course or leaders don’t like the direction they are moving.
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