Building a business, things to keep track of

When trying to gauge your progress it can be useful to measure progress in three month and two year blocks.

You should be able to see how you will add value and grow your business over the next three months. When you look back you can measure how this played out.

Noticeable progress in terms of AUM and revenue growth should be measured over a two year period. This is where you should see significant improvement.

It is important to have realistic expectations in terms of how long it will take to build a sustainable business.

It is also important to know when things are not progressing. This could be a sign that you need to adjust your strategy.

If you look back over the last two years and nothing has improved this is a bad sign and requires action.

If you run out of ideas for growing your business over the next three months then this also calls for a re-think.

The early stages of your business are the most vulnerable and creating a robust business model from the start will insulate you.

This means generating as many different income streams as possible and having a strategy to cover all of your costs.