Becoming a business owner makes you have to do everything at maximum. Therefore, you cannot make decisions based on your estimation. It needs supporting evidence to show that your decision is suitable and can be used to develop your business. Moreover, sales data are very important and determine whether your business is progressing or even is experiencing a setback. However, there are many business owners who find it difficult to collect and use data properly. If you are one of them, then try to follow these smart tips to monitor the development of your business!
1. Seperate your business account from your personal account
When you run a business, you cannot combine your income with your personal funds. This will make it difficult for you to track how much your income is. In addition, to make your business expenses more organized, you can also use a business credit card.
2. Evaluate the vendors regularly
Regardless of your busy schedule, you must consistently take the time to evaluate the vendor you choose. In your opinion, are these vendors in line with your expectations, both in terms of price, product, and service quality? If the answer is no, then you need to find out more about potential vendors that you can use.
3. Make use of the sales report system
Admittedly, monitoring sales progress can indeed be a tiring thing, especially if you still enter data manually. It’s different when you become a Cashlez Merchant whose registration process only requires an ID card along with a TIN (Tax Identification Number). Cashlez provides a real time sales report feature that can be accessed by merchants via the Cashlez Dashboard.
4. Monitor your expenses
In addition to monitoring sales figures, you also need to monitor your expenses to find out how your business is growing. Therefore, you need to keep all purchase receipts related to your business needs, like transportation, operational matters, or production matters.
5. Conduct periodic monitoring
Even though you have a busy schedule besides doing business, you still have to take the time to look at the situation at your place. It would be better if you do it suddenly without any prior notification for the staff. That way, you can see for yourself how their performance is so you can evaluate them by yourself.
Monitoring business development is indeed a mandatory thing you should do because it helps you to learn to grow your business. It will be easier with Cashlez that monitor your sales automatically!