Monitor your financials closely and make datadriven decisions from "summary" of The $100 Startup by Chris Guillebeau
To succeed in business, you must keep a close eye on your finances and base your decisions on data rather than gut feelings. This means regularly tracking your income and expenses, understanding your profit margins, and analyzing your financial reports. By monitoring your financials closely, you can identify trends, pinpoint areas of improvement, and make informed decisions about how to allocate your resources. Data-driven decision-making involves using concrete numbers and metrics to guide your choices rather than relying on intuition or guesswork. When faced with a business dilemma, look at the data available to you: What do your sales figures tell you? Are certain products or services performing better than others? A...
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