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You can use Domo business intelligence technology and related software for many tasks, such as analyzing the market, tracking what you have sold and figuring out what you would be best off to push in the future to get more sales. In fact, a lot of time is spent going over all of these details for any company in any industry. By looking at what has happened, you can pinpoint the areas where you and your goods and services have been most successful, and you can then gear your future work in that direction to have even more success.

However, another thing that you should use this type of software for is tracking what you spend. As you can imagine, this often gets overlooked. People just want to consider the money they are taking in and work to make that number as large as possible. This is important, of course, because making money is your main goal if you own a company. However, it should not be all that you think about, or you could run into some serious issues. You also have to think about how much everything is costing you so that your budget works out every month.

On top of looking at your budget, you also need to track what you are spending because you can look for ways to reduce those costs. Are there ways in which you are wasting money that could be eliminated? Are you spending money in ways that are not working to bring in more money? Every cent that you spend should have some sort of return. It should push your company to make more sales and to find more customers. If you are spending in ways that are not doing this, you can then consider changes to get rid of these expenses.

Doing this is so important because what you really earn at the end of the year - or the end of the quarter - is the amount of money that you have taken in with the amount that you spent subtracted from it. If you can decrease your spending, that is basically the same as increasing your income. You would put a lot of time into trying to make $100,000 more this year, wouldn't you? By the same token, you should put that much time and energy in trying to save $100,000, because you end up at the same place.


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