If you’re starting a Singapore company, you need to know, at a minimum, how to track the progress of your business.
How well is your business doing?
What are your projected sales figures for the month or year?
What is your expected profit and losses?
These are just some of the basic questions that you need to answer. For a Small and Medium Enterprise (SME), however, collating and analysing business data may seem like a daunting task.
According to Singapore company incorporation specialist Rikvin, this process need not be complex. The trick is to focus on the right numbers to understand how your business is doing.
The basic details you should pay attention to in order to track the performance of your business are as follows:
- * Current sales figures
- * Historical sales figures (from preceding months)
- * Projected sales figures based on current vs historical data
- * Projected monthly expenditure
- * Outstanding debt and other payables, if applicable
Read more about our Business Tips for SMEs at Rikvin.com.