Tracking and monitoring the market and performance of your startup gives you the ability to steer and control your business through calm and stormy seas.
Four challenges you will face when implementing a well-functioning business monitoring and controlling system:
Identify the KPIs that set the right incentives and automatically help your startup organisation achieve its key objectives
Set ambitious but achievable benchmarks
Create and implement an efficient and timely reporting routine
Take immediate corrective actions if the reported KPIs differ significantly
How can you meet these challenges?
Be clear about your vision and your main objectives
Identify KPIs that support these objectives
Provide access to data for measuring and calculating your KPIs
Set the benchmarks together with your team and adjust them over time
Create a reporting process and template that ensures an efficient routine
Define a set of rules for evaluating and implementing corrective actions
Business monitoring and reporting gives you the vision you need to lead your venture together with your team on any sea.