Startups move fast, they often grow very fast, they can crash just as fast.
More than one thing can kill you. You can grow too fast, working capital spikes, costs can spike, cash collections slow to a crawl.
Daily habits of tracking key metrics are essential. It’s valuable to keep a high tempo for the business but more importantly to provide an early warning system so you can spot when you have a problem before it becomes a crisis.
Get someone to build you a Daily Report, a few suggestions
- Cash on hand
- Cash received
- New Income,
- Hours billed,
- New users signed up,
- Total daily users
- Monthly run rate
- Monthly burn rate
- Website Visitors
- Average Revenue Per Customer
- Average Order Value
There are a bunch of options you need to decide what the critical KPIs are for your business.
Keep that Dashboard updated every day, emailed to you first thing in the morning so no matter where you are or what you are doing you know exactly what is going on, even better if its a live dashboard you can view on a computer or an App.
A daily dashboard is an early warning sign for trouble, you don’t have to wait a month or a quarter to find out there is a problem and can jump on it and fix it long before its a crisis.
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