C5. Monitor performance & doing corrections


Try to see, if you are able to hit benchmark you set or even if you are near to that.
Whether you may be too far
Or close to your goal
Or even achieved it
Business situations changes very fast and you need to make required adjustments to make it relevant in current context.
So keep revalidating your assumptions or goals and keep it aligned with your capacity and expected results.
At times you may have to exit, Exercise that choice only if you have something better than that.
Every business has cycle. It is like roller coaster ride, after each height you have a deep fall. Each shortage will lead with surplus supplies and each surplus will lead with shortage.
Why? Very simple- when it is shortage-everyone wants it and then everyone produces it upto the extent it becomes surplus. Same way when it is surplus, producers reduce productions to the level it becomes shortage.
So try to think a little ahead of general thinking of what all are thinking. You may be better off in identifying when is going to be shortage and when is surplus.
If you can understand this cycle and learn to play this well, the can win fabulous profits or reduce unexpected losses. While many of us try to make fast bucks on exchange or stock markets, the result could be better if they apply this skill to product/services they sell to identify excess or surplus demand.
           

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