10 Things A New Business Owner Should Be Keeping Track Of

Right now, everyone is trying to start their own business. It is easy to become so excited for you new adventure, that you may forget about some of the key things you should be keeping track of along the way! Here are 10 things you need to be sure to track for your business to be successful:

1. Revenue and Sales: Monitor your income and sales regularly to gauge your business’s financial health.
2. Expenses: Keep a detailed record of all business expenses, including operating costs, overhead, and one-time expenditures.
3. Cash Flow: Understand how money moves in and out of your business to ensure you can cover operational costs.
4. Profit Margins: Calculate and track your profit margins to determine the profitability of your products or services.
5. Customer Acquisition and Retention: Keep records of how you acquire and retain customers, including marketing strategies and customer feedback.
6. Inventory: If applicable, maintain accurate inventory records to avoid stockouts or overstocking.
7. Debts and Loans: Keep track of any loans or debts your business owes, including payment schedules and interest rates.
8. Taxes: Ensure you keep records of all financial transactions and expenses for tax purposes and meet tax deadlines.
9. Employee Payroll and Benefits: If you have employees, keep records of their wages, benefits, and taxes deducted.
10. Key Performance Indicators (KPIs): Identify and track relevant KPIs specific to your business, such as conversion rates, customer lifetime value, website traffic, or social media engagement.

There is a TON of information how to keep track of all of these things on the internet. There is an app or a software for nearly anything you can imagine! Do your research to find out what works best for your business! If you are considering starting a business, but don’t know where to start, check out THIS program!

Pro Tip: If you are a digital marketer, you could make money selling any of these as a digital product in your Stan Store!