Challenges that Startups face when implementing Business Monitoring and Controlling Systems and how to overcome them

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:

  1. Identify the KPIs that set the right incentives and automatically help your startup organisation achieve its key objectives

  2. Set ambitious but achievable benchmarks

  3. Create and implement an efficient and timely reporting routine

  4. Take immediate corrective actions if the reported KPIs differ significantly

How can you meet these challenges?

  1. Be clear about your vision and your main objectives

  2. Identify KPIs that support these objectives

  3. Provide access to data for measuring and calculating your KPIs

  4. Set the benchmarks together with your team and adjust them over time

  5. Create a reporting process and template that ensures an efficient routine

  6. 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.