This is a guest post written by our friends at Red Granite, an Orba Company and outsourced accounting firm.
Simply checking your income statement once a month is not enough to maintain the financial health of your retail business. To keep a finger on the pulse of your financials, you should frequently administer a mini financial health check. In addition to your balance sheet, there are a number of Key Performance Indicators (KPIs) for growth but it’s important to use industry-specific metrics. Whether you’re approaching year-end, or gearing up for a New Year’s sale to expunge your stale inventory, these are the 8 KPIs you can use to ensure your retail company is in good financial health going into January.