How does business monitoring and controlling system support you in selecting the right opportunities?

26.01.2023

The resources of a startup are scarce in terms of capital and man hours. Consequently, it is necessary to use them as efficiently as possible. A comprehensive business monitoring and controlling system that tracks performance and the external environment will assist you in mastering this challenge.

Regular reports from a sound business monitoring and controlling system will provide you with the relevant business information to make quick decisions and allocate resources to the tasks and opportunities that generate the greatest value for your organisation. To find out where there is room for improvement and expansion, you can track performance in the following internal areas.

1. Financials
2. Sales and marketing
3. Operations
4. Team

Additionally, in the external environment.

1. Market size
2. Growth rates
3. Trends
4. Emerging competitors
5. Customers

Regular reports reveal patterns and help you to identify the right market, address the right customers and gain market share. They also help you to optimise income, expenditure, cash flow and profitability. This is how you create competitive advantages. As a result, focusing on the right opportunities at the right time leads to more profitable and efficient growth of your startup.