Some of the things that can and should be monitored are:
- Cash Flow Statement
- Profit and Loss Statement
- Accounts Receivable
- Accounts Payable
- Each Advertising Campaign
- How effective every step of your business is
- And more.
Top business people I know have a daily checklist they go through.
By staying on top of your financial statements, you can more accurately make your quarterly deposits for your estimated taxes, you’ll have a better idea of how much you can afford to spend on education, for business growth and for luxuries.
Your financial statements let you know how well you are progressing towards your stated goals and whether you are sticking to your business plan.
Ad tracking lets you know which ads are getting eyeballs and converting them and sales tracking for each product or service lets you see where it stands in its lifecycle.
Your website stats will tell you which search engine spiders visit and how often. They will also tell you which words or phrases were used to find you, where visitors originated and how long they stayed.
The more you track EVERY aspect of your business the more you will know exactly where your business stands.
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