Record and Measure

It never ceases to amaze me that many small businesses do not record their financial and marketing information as they go along.




Record and measure in all your business activities!



There is a legal requirement to keep proper business records but more importantly how do you know what your business is doing if you have no records. Many potential clients that come to me cannot even tell me their annual turnover!



Again I come across many small businesses spending money on advertising with no idea if it is working. They should be asking every new customer where they heard about them and recording that bit of information. Then they can tell of it is worth renewing that advertising.



So in business plan, record and measure all your business activity. Sales, expenses, new customers, lost customers, marketing methods.



From these simple records you will be able to understand the growth (or lack of ) your business and make informed decisions on what to do next.