As a small business owner, the concept of financial stability might sound like a far off dream but it doesn’t have to be. We got into the brains of two Paro employees with years of finance experience in the hopes they could lead us in the right direction. We posed the question: What is the most important step a small business can take to become financially stable? Their answers can guide you along that quest. Here are a couple of their suggestions:Read More
This blog was contributed to Paro by Andreas Rekdal at Built In Chicago. Built In is a network that allows people to get connected to local startup communities in Austin, Chicago, Colorado, and Los Angeles.
Data is king, and in 2016, startups have the ability to make mature data-driven financial decisions that can dramatically influence their outcomes.
Startups sit on a gold mine of financial data. Detailed analytics on where customers are coming from and how much money it cost to acquire them can be automatically captured and quantified. The same goes for data on how customers engage with products and how profitable different customers — or groups of customers — are. This data, when used properly, is ripe with actionable insights. Yet surprisingly few startups take advantage of this competitive edge.