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For startups, it is imperative that progress towards the laid out objectives and goals be tracked and communicated to all parties concerned. Not only does this help to point out areas that are doing pretty good and those ones that could use improvements, but it also serves as a road map that, more or less, keeps the members of the team in line and abreast with how much work they’d need to put in.
Startups need to be on top of metrics because they are indicators of what’s working and what isn’t since they monitor the results of the activities and processes undertaken by the startup in an effort to achieve certain objectives.
If a business is derailing from its proposed path, metrics do not only do a good job of flagging these deviations. More than diagnosing the source of the problem, they could also inspire actions that could get the business back on track. Thus, defining the right metrics to pay attention to is crucial for any business – startups, most especially.
As a startup founder, you’d want to have some key metrics at your fingertips if you wish to grow your company and see it achieve its long-term goals.
Also, we get it; fussing over every little detail and crunching numbers while also managing the day-to-day demands of the business can be difficult and time-consuming. And as a matter of fact, it’s easy to lose touch with tracking your progress while you’re engrossed with actually planning your progress.
Of course, there are other details like product development, team-building, investor-courting, and many other important things required to get the business into lift-off. Rest easy, we know you have enough on your hands as it is. And that’s why we’ve put together ten of the most important metrics that startups should not ignore.
Featured Image Courtesy: Techcrunch
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