Importance of setting KPIs in business and reviewing them regularly

#Measure first what you want to #manage.

It is so basic, but very powerful and a lot of times we won’t have time for basics. Technology advancements have created so much opportunity that it also has created a lot of noise. As result, every #entrepreneur searching for solutions for their problems.

Business owners need to look into their business operations closely for the data it generates. There is huge amount of #data that can be obtained and interpreted to gain valuable #insights. One need to identify the key data that adds #value to your business then go about finding a way to obtaining it. As an entrepreneur you have immense capability to disseminate this in your business. #Apps or/and ready made solutions are made with good intentions of their business owners. Those are not necessarily what will solve your problems.

Take for example #inventory in a business. There are a lot of tools available for inventory management. But, it is the business owner that need to identify the insights they need to gain in their business to make effective decisions. Having a lot of inventory make balance sheet look good but that doesn’t mean the business has right inventory. What if there is slow moving products with high gross margins or fast moving products with very low margin.