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Business goals – how should you keep track of your performance?
Business goals are vital to future success but it is equally as important to keep track of how your business is performing.
Regardless of what your goals involve, failing to keep track of your progress will mean you have no way of monitoring your success and adapting when needed.
How do you record your activity?
If you are keeping manual documents, you need to get on board with the cloud.
If you are VAT registered, you should already be using cloud accounting software, in line with Making Tax Digital regulations. But the software has much more to offer.
Think about the data that you need to keep track of. Integrating the relevant apps into your app stack allows you to have all your data in one place.
Depending on your goals, the data you need could range from revenue, profits, or costs per unit, to the number of services you supply.
What should you do with the data?
Figures are pointless if you do nothing with them.
So, when you have the relevant data, you need to compare your current position to different points in time.
You can compare your KPIs monthly, quarterly, and annually to give a clear overview.
You should also think about taking out any data that isn’t relevant to the goal you are measuring, to avoid confusion.
Why is this important?
Getting an insight into your business’s progress will inform you of whether you need to take action.
Your business is constantly evolving, and your goals need to keep up.
You might find that you reach one of your goals quicker than expected, so you can either decide to aim higher or shift resources elsewhere.
Tracking your progress can also find any areas of concern that need to be addressed.
Need advice for your business? Get in touch.
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