My advice to entrepreneurs is (and I wish someone had given this to me a decade ago):
- think of the business in quarters: it is the right granularity — a month is too short, and a year is too long
- put together a 2-3 member Board with whom you can review the business once a quarter
- prepare a quarterly report just like a publicly listed company does (and share it with the Board and senior management internally)
The challenge inherent in new, early-stage blue ocean businesses is that one has no clue how the numbers will come up against projections or targets. But, the exercise will still be a useful one and creates much-needed discipline of tracking numbers.