Your own business data is important to the success of your business. It is important that you take the time to track and analyze this information. Here are few things you should track:
- How are your customers coming to you? Are your advertising/marketing dollars giving the best bang for your buck?
- Inventory. You should know how much product you have on hand so that you can adequately and timely fulfill orders.
- Money. How much cash do you have on hand? This is the budget for your business. Are you noticing any trends in your cash flow statements or your other financial statements that can help you make predictions to improve your business strategy?
These are just a few tips to get you thinking about how the information you already have help you make intelligent predictions about the road of your business. Follow us on twitter @KinchloeLaw for more articles and tips on good business practices.