Lack of Insight Into Business KPIs Slowing Growth on Main Street
Setting and tracking business KPIs doubles the odds of meeting growth targets, yet 70 percent lack daily insight.
EL PASO, Texas, March 14, 2023 (Newswire.com) - Leading invoice funding company Viva Capital says that lack of insight into business KPIs is stunting growth for the majority of SMEs. Full coverage of the topic can be found in "Top Business KPIs to Help You Measure Success," which is now live on VivaCF.net.
Viva's new report draws on Geckoboard's research which indicates that data-driven businesses are twice as likely to reach their objectives. However, one in ten small businesses don't set targets at all, and a full 70 percent don't have daily insight into their KPIs.
"Setting and tracking KPIs keeps goals at the forefront of your mind, so you're more likely to make small changes throughout the day that contribute to reaching targets," explains Greg DiDonna, President and Partner of Viva Capital. "Sharing the data with employees is shown to be a major contributor to success as well."
DiDonna says that many small businesses are hesitant to invest in specialized software to help track and monitor KPIs because they're unsure of the ROI. Yet, something as simple as increasing customer retention by five percent can boost revenue by up to 95 percent. Furthermore, the most common business KPIs can be calculated without any special software, provided the business has access to its data.
"Knowing your business KPIs also allows you to take a proactive approach," DiDonna continues. "Monitoring working capital is a major one in this area, especially for businesses experiencing rapid growth."
He says that small businesses are often unprepared for growth-related outlays that kick in before the revenue starts climbing. Without foresight, they're often forced to take out loans with unfavorable terms or cut corners that can damage the business going forward. With proper tracking, the business sees that there will be a cash flow gap ahead of time and can set up a funding solution like invoice factoring to alleviate the strain.
Those interested in learning more about invoice factoring and other business funding options are encouraged to request a complimentary consultation at VivaCF.net.
ABOUT VIVA
Founded in 1999, Viva helps B2B businesses of all types accelerate cash flow through specialized funding solutions like factoring, accounts receivable financing, and asset-based lending. Their simple qualification process makes it easy for small and mid-sized companies to get vital funding despite lack of credit or time in business. Additional information is available at VivaCF.net.
Source: Viva Capital Funding
