You cannot put your business on auto pilot and expect it to run itself. Whether you manage it alone or you have workers, there are things you must monitor on a continuous basis

1) Sales
Surely your business is about sales. How do you close your day without knowing the sales made? And remember, sales can either be in cash or on credit. The latter produces debtors.

2) Bank position
You need to know your bank position on a daily basis. Cash is king.

3) Purchases
How much did you purchase? Remember, purchases can either be cash or through credit, the latter produces creditors.

4) Creditors
Yes, it’s important to know the level of your creditors. As you do this, note how old they are. I recommend maximum 60 days. Beyond this? Look out for the issue.

5) Stocks
It’s important to know what your stock levels are on a continuous basis. They affect your sales and profitability.

6) Debtors
If you have them, must be monitored closely. They are an inherent risk to business. They can’t be left out of your checklist.

7) Your expenses need a constant check.
They affect your profitability. Be aware of any increases and be sensitive on the decisions you make on these on a continuous basis. Ensure every expenses add value to the business.

Of course this list is not exhaustive. I would like you to look out, at what you do and agree with yourself. What are the most important aspects of your business that you need to monitor on a daily, weekly, monthly or even yearly basis.

The first week of my month is my monitoring week. I take time to go through all above and many others. I also monitor the target performance. So let’s all agree to keep tabs on our businesses. Know it’s a good practice to monitor what’s going on in your business.

Auto piloting our business could be key ingredients to your failure. What else do you think is important to monitor? What today, if you looked back, do you think you ignored and it affected your business negatively? Or better still, what you did right and has kept you on a good path. Over to you my great people. Monitoring keeps you on your journey to the mountain top, the GMMM way.