Benefits from using the BIC Model

The most important benefit is that the BIC Model provides a structured approach to the task of managing and controlling your business. Once you have the system set up, the task of reviewing your results each month, assessing their meaning, confirming what you expect to happen in the months ahead takes just an hour or two each month.  That is all.

The following table gives a picture of what your business can achieve by adopting the BIC Model as part of your overall financial information system.

Achieve Benefits
Reliable, accurate financial information system => Make informed business decisions
Be able to forward project cash flow => Be prepared, be future oriented

Financial systems structured, smooth running & forward looking

=> More time to work in your business
Activities become more goal oriented => Improve business performance - less stress
Tasks to maintain system become routine => Delegate/outsource some tasks - save time

 

You have a succinct summary overview of your business performance each and every month.  The BIC Model is generic to all businesses that have a classic accounting system, but once you have set up the system, the BIC Model is specific to your business.  If the results are not what you expected - and it may be in an area that you were not specifically watching that month - you can quickly find out the reason and correct the problem.  

Easy to fix a small problem before it becomes a big problem.

Research has identified four more subtle but clear benefits from using the BIC Model.  Check these out in the side menu!