When 1 in 10 entrepreneurs work 70 hours a week, it’s a safe bet that business owners have a lot of issues competing for their attention. Making a great product, generating sales, building customer relationships and managing employees are often the most pressing issues for business owners.
It can be easy for big-picture questions to slip to the bottom of the to-do list. But it’s important to step back and assess the health of your business from time to time. Knowing how great you are at making money or managing resources is the first step in making sure you spend your time and business resources wisely. Failing to recognize shortcomings early on can have disastrous consequences.
Indeed, a University of Tennessee study found that nearly half of startup failures could be blamed on “incompetence” – a category that researchers said included “living too high for the business,” no knowledge of pricing and “emotional” pricing.
Looking at financial metrics that are important to business healthRead More »from How healthy is your business? 6 ways to take the “temperature”