THE IMPORTANCE OF MONITORING AND EVALUATION IN BUSINESS
For every business, it is germane that performance, growth and foreseen progress is monitored and evaluated so as to ensure that the business remains on track. The end purpose of this would be to improve current and future outputs, outcomes and impacts. As management tools, these two are intertwined but subtly different still. For business evaluation which will be focused on examining relevance, effectiveness and efficiency, you should try to isolate errors and faults in your business service and operations and make sound recommendations to ensure such aren’t repeated.
How do you do this?
You should make use of questionnaires distributed to customers every month to evaluate performance in quality of service rendered. Such questionnaires would be in printed format and on online social media platforms as well and with their results, you can best judge your relevance in the market and rate the efficiency of your method of operation for implementation of your goals. Now it is very important that as a start-up, you should strive to quickly gain customer loyalty as the leading company in your market; thus you have to meet every conceivable expectation of the consumers who form your marker otherwise, your business loses its value and becomes a mere hobby.
MONITORING
The twin arm of business monitoring must also form a key part of our growth. Monitoring would be a continuous assessment aimed at providing all stakeholders with detailed information on the progress or retrogression of the activities assessed. Relevant data should be tracked from regular customer surveys on online platforms such as Facebook, Twitter, Instagram and Whatsapp.
Your monitoring and evaluation programme should be every month in the first six months of business. This is because the first six months of any business are crucial to success especially as a start-up in an established industry.
What are your thoughts on this? I’d love to hear them.
DO COMMENT, UPVOTE, RESTEEM AND FOLLOW @iamfranklinn
Thanks for this educative post
Nice post
Evaluation adds it all
Good to know
This ate vital info for business success
Corect
Incisive and educating article...
Nice post
Thanks for the info! Very useful
Thank you for this post. It was very informative. It has never been easy to start and run a business, so doing things such as evaluation and monitoring is very important. Also, it's important to check whether the business works by taking into account current technologies because they help the business, the owners, and the customers to receive the best service and results. And the competition is very high nowadays, so you need to stay one of the best in order to achieve success. And when you want to add something new, it's important to know if it will be a good "fit". Here is one article: https://ddi-dev.com/blog/programming/how-to-build-minimum-viable-product/, which I found some time ago, and it provided me with more detailed info on minimum viable products and why it is important now. Such a thing will save a lot of effort, time and money, so if you don't know much about it and you work in business, then knowing that info is a must.