It is extremely important that you identify what your business’s key performance indicators are, they play an important part of running a successful business.
It’s not necessarily measuring profit and loss either. Don’t get caught up on focusing too much on the figures but use them as a guideline and know which ones to follow and why, so you can spot problems before they happen and keep track of how you’re growing.
Remember that what works for someone else’s business doesn’t necessarily mean it’ll work for your business. You will need to decide what you’re tracking and why, finding a good fit for your business. Don’t hesitate to seek external help from someone who understands your business, like WE Accounting.
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