How to monitor and track business progress

[Setho]

What are those measures you put in place to track your progress financially in business?

 

[Josemendez]

Taking stocks go a long way in showing the state of the business. Checking and analysing your expenses and income is also a good way

 

[Kamon c4]

For people with multiple businesses, in order to monitor the financial progress of the investment or business you need to employ managers with administrative knowledge and also mandate them to give report frequently. Also you’ll need the services of a good auditing firm.
For someone with only a business, it’s something you can do yourself you can try as much as possible to check records books daily or weekly. That way you’ll be able to monitor the financial progress of your business

 

[Dubai]

It is very good to monitor business by the owner of the business if not the progress might be minimal. But you can always monitor it by the use of CCTV's and maybe having personal spy's.

 

[WhiteHouse]

Set KPIs (key performance indicators) for your business. Try to pick some measurable and meaningful indicator, what would be most valuable for your business type and set some goals.. where you want to be after 3 months, 6 months and 1 year. By comparing your indicator current value with your plans would give you good understanding how well are you doing

 

[Pirate]

To keep track of business progress, one has to get a certain log the be able to document daily finance and processes. But sometimes the work can be too stressful to handle alone, so one can employ a financial accountant to keep track and records of business.

 

[haider00]

Wmeasures you put in place to track your progress financially in business?

personal satisfaction, customer satisfaction, and employee satisfaction is the best for track in your business. In employee satisfaction, surveys are excellent resources.

 

[Sotherefore]

If you want to monitor your progress in business then you must be ready to work hand-in-hand with your manager or accounting department in the sense that you must track the amount of money and profit that is made in each day from there you will calculate the amount of gain and progress that is coming into the business,if at the end of the day you can come to and find out that you are losing money then you know which step to take next.

 

[Richard92]

You can monitor and track business progress by supervising and checking the efficiency of your workers and also checking the numbers of sales every week, months a and years. You also check the income of business whether it is improving or not . By doing the above mentioned you will get to know as a business owner whether your business is making profit or not.

 

[Adexgrace]

One method of tracking financial business progress is by comparing an following up your expenses and income. And one must make sure that expenses does not surpass income in that way one can be assured that the financial status of the business is progressing.

 

[Seun4luv]

Look At your business financial Statements.Check Customer Satisfaction.Average How Many New Customers You Get.Conduct Performance Reviews.Stay Current On The Market.Assess your Own Expectations.

 

[Dylinks]

To monitor and track business progress are into so many categories but not restricted to these:
1. Financial Statement i.e income statement, balance sheet and cash flow statement. These are the books of account that attracts investors into a business.

2. Customer satisfaction i.e are your customer satisfied with your product or service because it will determine your customer retention rate.

3. How often you get a new customer i.e once you satisfied your customers, you LL automatically get more through referral.

 

[Donkiz]

I have record books for every sales and every expenses that goes through my store on daily basis, and takes my time to review the books on weekends. I'm currently working on automating the process with the use of a computer system, but for now I manually check the books to ascertain whether I'm making profits or not.

 

[kayode10]

Book keeping is very essential if you want to want to track the progress of your company. This gives insight into how cash is flowing in and out of you company. Book keeping makes it easy to check the growth of the company through yearly turnover.

Also clients or customers base is also a good tracking measure of a companys growth. You need to check if your company is having more customers and clients. An increase in customers/client base should that the company is growing.

 

[Patrik]

There are usually paid softwares for that, but to make it as cheaper as possible, it's preffered to manage that through spreadsheets in excel for example, or some calendary that you will organise on your own

 

[Trexxxy]

You have to set markers also have a system in place to check for growth and development. Checking your financial books for discrepancies and growth curves. I think it is also important that every quarter you have a business projection of where your business should be , that can also serve as a growth indicator.

 

[Tariq Shehzad]

For the monitoring of your business you have to track your business progress and there is need to have a record of all the activities of your business from the starting day recorded to the ending day that you can track and measure your business progress.

 

[Mary]

You have to check your gross profit margin and net profit margin. Gross profit margin is the profitability ratio that measure what percentage of revenue is left after subtracting the costs of goods sold. While net profit margin is the profitability ratio that measures of what percentage of revenue and other income is left after subtracting all costs for the business including taxes.

 

[Presido]

Ti track your financial progress in your business, you have to calculate the net profit margin by subtracting all the cost of the business including the cost of goods sold, operating expenses, interest and taxes and know what revenue is left

 

[Alexandoy]

If you are the owner of the business but you are not the one managing then you need to check on the financial recordings. First in line is the transaction ledger to check if the revenue is coming in all right. The expense ledger would also tell you if the expenses are increasing or not. It is not a simple incoming minus outgoing funds but that would give you a picture of how your business is doing. For me, I also check on the major customers if they are still regular on their orders.