Small business always needs more frequent update and assessment on how you are doing. The process helps you to establish your strengths, area for improvement and business opportunity to get more clients.
How frequent is the frequency to do an assessment. You would be doing your sales income and expenses on a monthly basis, to monitor you profit or loss in your small business transaction. For assessment, it is usually on a six-monthly duration. Why choose six-monthly. The period would give you a clear picture for you to diagnose your clients’ database, inventory that moves within 30 days, margin from the products and payments collection pattern.
What happen when you do not assess your current business situation. You would not be able to develop your action as well as your direction for your small business operations. Especially for small business, you need to be flexible and adaptable to market situation. The market situation takes a subtle ways as the consumers tastes would be influence through new products offer, new experience of food price change due to inflation or economic factor.
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