Just like you would buy a carbon monoxide detector or a smoke detector for your home, you need to set up safety nets that will alert you if something about your business goes wrong.
What am I talking about?
Automated Reports. Reports are more than just facts and figures you pull at the end of every month or every time you have to make a presentation to your boss or investors. Reports should be used on an ongoing basis to keep track of crucial numbers and performance metrics.
Setting up automated reports, ones that are delivered to your email inbox once a day, week, or month, is a good way to stay on top of multiple projects at once, long after your attention has shifted to something else. Keep an eye on key numbers. When something shifts dramatically from what it has been, or from your expectations, take the time to investigate and identify why the shift took place.
It’s a quick and easy way to keep an eye on your business. And the best way that I know to diagnose a small problem before it becomes a much larger problem.