Founders manage what they measure. Without tracking the right business KPIs, founders make decisions based on gut feeling instead of data. The result is predictable: misallocated resources, missed warning signals, and stunted growth that could have been avoided with proper visibility.
Key Performance Indicators go far beyond basic financial metrics. They measure operational efficiency, customer satisfaction, team productivity, and market positioning. Together, these business KPIs create early warning systems that alert you to problems while you still have time to respond and opportunities while you can still capture them.
The challenge facing every founder is identifying which business KPIs actually matter versus which create data clutter that obscures rather than illuminates. Too many metrics overwhelm decision-making. Too few metrics leave blind spots where problems grow unnoticed until they become crises.
For founders building companies in Dubai, Abu Dhabi, Sharjah, and across the UAE, tracking the right metrics becomes even more critical. Regional market dynamics, customer payment patterns, and competitive pressures demand data-driven decision-making rather than assumptions based on how markets operate elsewhere.
This guide covers 10 essential business KPIs every founder should track for sustainable growth. These metrics work together to provide complete visibility into business health, growth trajectory, and operational efficiency. Whether you are building a SaaS company, professional services firm, or product business, these KPIs provide the foundation for informed decision-making.
Overwhelmed by data but lacking real visibility into what drives your business performance?
Jazaa helps UAE founders across Dubai, Abu Dhabi, and Sharjah identify the critical business KPIs for their specific business model and set up tracking systems that provide actionable insights. Contact Jazaa to build your founder dashboard.
Revenue and Customer Growth Business KPIs
1. Monthly Recurring Revenue (MRR) Growth Rate
Track the month-over-month percentage change in your Monthly Recurring Revenue to understand your growth momentum. Calculate this by taking current month MRR minus prior month MRR, divided by prior month MRR, multiplied by 100 to express as a percentage.
- Why this matters beyond absolute MRR: A company earning AED 500,000 MRR growing to AED 550,000 shows 10 percent growth. The same company growing from AED 550,000 to AED 588,000 the following month shows only 6.9 percent growth. Absolute MRR continues rising, but growth rate is decelerating significantly. This deceleration signals underlying problems that absolute numbers mask.
Declining growth rate indicates underlying challenges even when absolute MRR continues increasing. A company growing 50 percent in month one, then 40 percent, 30 percent, 20 percent month-over-month is experiencing dangerous deceleration. At 20 percent monthly growth, you need to understand why momentum is slowing and adjust strategy accordingly.
- Target benchmarks vary by stage. Early-stage companies backed by venture capital should maintain growth rates above 15-20 percent monthly. As you scale past AED 1 million MRR, growth naturally decelerates toward 8-12 percent monthly. Mature companies at AED 5 million+ MRR typically sustain 3-5 percent monthly growth, which still compounds to substantial annual growth rates.
- For UAE SaaS founders, compare your growth rate to regional and global benchmarks. Dubai and Abu Dhabi markets may have different growth ceilings than global SaaS markets due to market size constraints. Adjust expectations accordingly while maintaining discipline around growth momentum.
Calculate this metric weekly if you are in rapid growth phase, monthly for more established businesses. Set up automated tracking through your billing system rather than manual calculation to ensure consistency and reduce errors.
2. Customer Acquisition Rate
Count new customers acquired each month as both an absolute number and a rate relative to your marketing and sales investment. Divide total new customers by total sales and marketing spend to assess acquisition efficiency. If your customer acquisition rate declines while marketing spend increases, your marketing efficiency is deteriorating and requires immediate investigation.
- Track acquisition by channel to identify what actually works. Break down new customers by source including direct sales outreach, content marketing, partnerships, paid advertising on LinkedIn or Google, referrals, and events or trade shows. This channel-level visibility reveals which sources deliver the highest quality customers at the lowest acquisition cost.
Many founders track total customers acquired without understanding which channels drive results. This aggregation hides critical insights. Your LinkedIn advertising might deliver 5 customers monthly at AED 8,000 each while content marketing delivers 12 customers at AED 3,000 each. Without channel-level tracking, you cannot make intelligent budget allocation decisions.
- For UAE businesses, segment acquisition sources by emirate if you serve multiple regions. A Dubai-based company may find customer acquisition costs in Abu Dhabi run 30 percent higher due to different competitive dynamics or customer preferences. This geographic segmentation guides market expansion decisions.
Review acquisition rate trends monthly and investigate immediately when rates decline or costs increase. Acquisition efficiency problems compound quickly. A 20 percent increase in customer acquisition cost means you need 20 percent more capital to achieve the same growth rate, which dramatically affects fundraising requirements and profitability timelines.
3. New Customer Revenue versus Expansion Revenue
Calculate what percentage of new revenue each month comes from newly acquired customers versus existing customers upgrading to higher tiers, adding seats, or purchasing additional products. This ratio reveals whether your existing customers find ongoing value in your product and whether your pricing model supports expansion.
- Healthy ratios indicate product-market fit and pricing alignment. Well-designed SaaS companies and subscription businesses derive 25-35 percent of new monthly revenue from expansion within their existing customer base. This expansion revenue has dramatically better economics than new customer revenue because you have already paid the acquisition cost and proven the customer relationship.
If expansion revenue consistently falls below 15 percent of new revenue, investigate two potential problems. First, your existing customers may not be finding ongoing value that justifies spending more with you. Survey customers to understand whether your product delivers sufficient value to warrant expansion. Second, your pricing model may lack clear upgrade paths that allow customers to spend more as they derive more value.
- Implementation requires tracking revenue sources carefully. Tag all revenue as either new customer revenue or expansion revenue from existing accounts. Calculate the ratio monthly and track trends over time. Declining expansion revenue percentage often predicts future retention problems because it signals decreasing customer engagement and satisfaction.
For Sharjah and Dubai B2B companies, expansion revenue becomes particularly important as customer acquisition costs rise with market maturity. Building a business model that grows revenue from existing customers reduces dependence on expensive new customer acquisition and improves overall unit economics.
Quick Tip: Build expansion opportunities into your product design and pricing structure from day one. Tiered pricing, usage-based billing, and add-on features create natural expansion paths that grow revenue as customers derive more value from your solution.
Retention and Customer Health Business KPIs
4. Customer Churn Rate
Measure the percentage of customers lost each month through cancellations or non-renewals. Track both customer count churn and revenue churn as separate but related metrics because they tell different stories about your business health.
- Customer churn calculates as customers at start of month minus customers at end of month, divided by customers at start of month, expressed as a percentage. Revenue churn calculates as MRR lost from cancellations and downgrades divided by MRR at start of month.
Focus primarily on revenue churn rather than customer churn. A business experiencing 5 percent monthly customer churn but only 2 percent revenue churn is losing small customers while retaining large valuable accounts, which is generally healthy. The reverse pattern where revenue churn exceeds customer churn indicates you are losing your highest-value customers, which signals serious problems.
- Target thresholds depend on business model and customer segment. Enterprise B2B SaaS should target below 2 percent monthly revenue churn. SMB-focused SaaS should stay below 5 percent monthly. Consumer subscription businesses often run 7-10 percent monthly churn but must offset this with very low customer acquisition costs.
- For UAE businesses serving enterprise customers, expect slightly lower churn than global benchmarks due to relationship-driven business cultures and higher switching costs in regional markets. However, also prepare for longer sales cycles when acquiring replacement customers if churn does occur.
Track churn by customer segment, acquisition channel, and time since acquisition to identify patterns. Customers churning in their first 90 days signal onboarding problems. Customers churning after 12-18 months indicate product value deterioration or competitive pressure. These different churn patterns require different solutions.
5. Customer Satisfaction Score (CSAT) or Net Promoter Score (NPS)
service on a 1-10 scale. Calculate CSAT as the percentage of respondents giving scores of 8-10. Net Promoter Score asks how likely customers are to recommend you to others on a 0-10 scale. Calculate NPS as percentage giving 9-10 (promoters) minus percentage giving 0-6 (detractors).
- These metrics predict future churn before it happens. Declining CSAT or NPS scores predict revenue loss 3-6 months ahead of actual cancellations. This advance warning provides time to intervene through improved customer success, product fixes, or account-specific solutions before customers actually leave.
Survey your customer base monthly or quarterly depending on customer count and interaction frequency. For B2B businesses with 50-200 customers, monthly NPS surveys via email provide sufficient data. For businesses with thousands of customers, quarterly surveys prevent survey fatigue while maintaining sufficient response rates.
- Act immediately when satisfaction scores decline. Investigate root causes through follow-up interviews with detractors and neutral respondents. Common causes include product bugs, missing features, poor customer support, or changing customer needs that your product no longer addresses.
For Abu Dhabi and Dubai companies, adapt survey timing to regional business patterns. Avoid surveying customers during Ramadan or summer holiday periods when response rates drop significantly. Schedule surveys for September-November or February-April when businesses operate at full capacity.
- Compare your scores to industry benchmarks to understand relative performance. A CSAT of 75 percent might be excellent for a complex enterprise software product but poor for a simple consumer app. Context matters when interpreting satisfaction metrics.
Operational Efficiency Business KPIs
6. Customer Acquisition Cost (CAC)
Calculate total sales and marketing spend divided by the number of new customers acquired during that same period. This fundamental metric reveals whether you can profitably scale customer acquisition or whether current acquisition economics prevent profitable growth.
- Declining CAC signals improving marketing efficiency. As you refine messaging, optimize channels, and improve conversion rates, the cost to acquire each customer should decrease over time. Rising CAC signals acquisition challenges requiring immediate attention before they spiral into unsustainable economics that prevent scaling.
Track CAC by channel separately to identify which acquisition sources deliver the best economics. Your channels likely have dramatically different costs. Direct sales might cost AED 25,000 per customer while inbound marketing costs AED 8,000 per customer. Eliminate or reduce investment in highest-cost channels if they consistently deliver lower-quality customers or worse lifetime value.
- For UAE businesses, segment CAC by customer type and geographic market. Enterprise customers in Dubai may justify AED 40,000 CAC if they deliver AED 200,000 annual contract value. SMB customers in Sharjah may need to stay below AED 6,000 CAC to maintain profitable economics given lower contract values.
Calculate CAC fully loaded with all costs including salaries, software tools, advertising spend, content creation, events, and overhead allocation. Incomplete CAC calculations understate true acquisition costs and lead to poor scaling decisions.
Compare your CAC to customer lifetime value to ensure sustainable unit economics. The ratio of LTV to CAC should exceed 3 to 1 for healthy businesses. Ratios below 2 to 1 indicate you are spending too much to acquire customers relative to the profit they generate.
7. Payback Period
Measure the number of months required to recover your customer acquisition cost through gross margin generated from that customer. Calculate as CAC divided by monthly subscription price multiplied by gross margin percentage. This metric reveals how quickly your business recovers acquisition investments and begins generating actual profit from customers.
- Example calculation for clarity: Your CAC is AED 15,000. Your monthly subscription price is AED 2,000 with 70 percent gross margin, meaning you generate AED 1,400 monthly gross profit per customer. Your payback period is AED 15,000 divided by AED 1,400, which equals 10.7 months. After 10.7 months, you have recovered your acquisition investment and begin generating actual profit from that customer.
Improving payback periods through reduced CAC or increased pricing signals your business is scaling more efficiently. Payback periods extending beyond 18 months indicate profitability challenges that limit your ability to scale without significant capital injections.
- Target payback periods depend on business model and funding status. Venture-backed companies can tolerate 12-18 month payback periods because they have capital to fund the cash conversion cycle. Bootstrapped companies should target under 12 months to maintain cash flow positive operations.
For UAE companies with longer customer payment cycles, adjust payback calculations to reflect actual cash collection timing rather than revenue recognition. If customers pay 60 days after invoice, your cash payback period extends by two months beyond your revenue payback period.
Monitor payback period trends monthly alongside other unit economics metrics. Improving payback periods while maintaining growth rates demonstrates business model maturity and sustainable scaling potential that attracts investors and supports profitability goals.
Quick Tip: If your payback period exceeds 15 months, focus on either reducing CAC through more efficient marketing or increasing monthly revenue per customer through pricing optimization before investing heavily in growth. Poor unit economics cannot be solved through scale.
8. Revenue Per Employee
Calculate total annual revenue divided by total employee headcount to measure your team’s productivity and business model efficiency. Growing revenue per employee over time indicates improving productivity through better processes, tools, or customer segmentation. Declining revenue per employee suggests you added headcount before revenue increased proportionally or revenue declined while headcount remained flat.
Benchmark expectations vary dramatically by business model. Software companies often achieve AED 800,000 to 1,200,000 revenue per employee due to high gross margins and low variable costs. Professional services firms typically generate AED 300,000 to 500,000 revenue per employee given higher labor intensity. Retail and hospitality businesses may run AED 200,000 to 400,000 per employee given lower margins and higher staffing requirements.
For UAE businesses, adjust benchmarks for regional salary levels and market dynamics. Dubai-based technology companies should target the higher end of global benchmarks given competitive talent costs. Sharjah companies may achieve slightly lower revenue per employee while maintaining better profitability given lower cost structures.
Track this metric quarterly rather than monthly to smooth out seasonal hiring patterns and revenue fluctuations. Rapid changes in revenue per employee signal either accelerating growth that outpaces hiring or hiring that outpaces revenue growth. Both require different management responses.
Use this metric to guide hiring decisions. Before adding headcount, calculate the revenue increase required to maintain or improve revenue per employee. If adding a AED 20,000 monthly employee, you need roughly AED 240,000 additional annual revenue to maintain your current ratio.
Can you confidently project that revenue increase?
Building a culture around productivity metrics like revenue per employee focuses teams on output and results rather than just activity and hours worked, which drives sustainable growth.
Market and Competitive Business KPIs
9. Market Share Within Addressable Market
Estimate your company’s annual revenue as a percentage of your total addressable market to understand whether you are gaining market penetration or losing ground to competitors. This metric provides crucial context that absolute revenue growth cannot reveal.
Growing market share even with flat revenue signals you are successfully taking business from competitors despite overall market stagnation. Declining market share despite strong revenue growth signals overall market growth is masking competitive weakness where you are capturing less than your fair share of market expansion.
- Calculating market share requires defining your addressable market carefully. Start with your total addressable market (TAM), which is all potential customers globally or regionally. Narrow to serviceable addressable market (SAM), which is customers you can actually reach given your geographic focus, language capabilities, and distribution channels. Further narrow to serviceable obtainable market (SOM), which is the realistic share you can capture in the near term given competitive positioning.
For UAE businesses, define market carefully to avoid misleading calculations. A Dubai SaaS company serving only UAE customers should calculate market share against UAE TAM, not global TAM. Including global TAM when you only serve one region makes your market share appear artificially small and hides competitive performance.
- Track market share annually rather than quarterly because reliable market data typically lags by several quarters. Use industry reports, competitor financial disclosures, and market research to estimate total market size and competitive revenue.
Improving market share validates your growth strategy and competitive positioning. Declining market share despite revenue growth should trigger strategic review of your competitive advantages, pricing position, and product differentiation.
10. Customer Retention Rate
Calculate the percentage of customers active at the end of a period compared to the beginning of that same period. For subscription businesses, target 90 percent or higher annual retention, which translates to maximum 10 percent annual customer churn.
- Annual retention rate differs from monthly churn calculations. A business with 5 percent monthly churn translates to roughly 46 percent annual churn, not 60 percent, because churn compounds. Therefore, monthly churn of 1-2 percent is required to achieve 90 percent annual retention targets.
Healthy retention rates indicate strong product-market fit where customers find ongoing value that justifies continued spending. Poor retention below 80 percent annually signals fundamental product-customer misalignment that no amount of marketing or sales effort can overcome sustainably.
- Segment retention by customer cohort to understand whether retention improves or declines as your business matures. Plot retention curves showing what percentage of customers acquired in a specific month remain active 3 months, 6 months, 12 months, 24 months later. Improving retention curves indicate product improvements and better customer targeting over time.
For Abu Dhabi and Dubai B2B businesses, retention rates often exceed consumer business benchmarks due to higher switching costs and relationship-driven sales cultures. Enterprise customers typically show 85-95 percent annual retention while SMB customers may run 70-85 percent retention.
- Focus retention improvement efforts on the first 90 days when most customer churn occurs. Better onboarding, proactive customer success, and early value demonstration dramatically improve long-term retention rates.
Need help identifying which business KPIs matter most for your specific business model and setting up tracking systems?
Jazaa works with founders across Dubai, Abu Dhabi, and Sharjah to implement practical KPI tracking that drives better decisions. We build custom dashboards and establish monthly review disciplines. Schedule a consultation to set up your KPI infrastructure.
How to Implement Business KPI Tracking Systems
Knowing which business KPIs to track means nothing without systematic implementation that ensures consistent measurement and regular review.
Choose Your Tracking Platform
Start with spreadsheets for initial tracking because they are free, flexible, and require no technical setup. As your business grows beyond 10-15 metrics, graduate to dashboard software like Geckoboard, Databox, or Klipfolio that integrate with your business systems and provide real-time updates.
For UAE businesses, ensure your tracking platform supports AED currency, handles regional date formats correctly, and can accommodate local business requirements around data residency if you serve government or regulated industry customers.
Establish Review Cadence
Set up three distinct review rhythms. Weekly tactical reviews focus on leading indicators like customer acquisition, churn events, and cash position that require immediate attention. Monthly strategic reviews cover all core metrics, trend analysis, and strategic adjustments. Quarterly board reviews examine direction, annual planning, and major resource allocation decisions.
Schedule these reviews as non-negotiable calendar blocks. The monthly review should be a 90-120 minute session with your leadership team where you examine every metric, understand variances from targets, and make specific decisions based on what the data reveals.
Document Targets and Thresholds
For each business KPI you track, document your target performance level and your alert threshold that triggers investigation. For example, your target CAC might be AED 8,000 with an alert threshold of AED 10,000. When CAC crosses AED 10,000, you automatically investigate causes and take corrective action rather than waiting to see if it worsens further.
Frequently Asked Questions
1. How many business KPIs should founders realistically track?
Start with 5-7 critical metrics that directly impact your business model and survival. Add more business KPIs gradually as your company grows and complexity increases. Tracking too many metrics creates noise that obscures signals and prevents action. You cannot act on everything simultaneously, so focus on metrics that drive the most important decisions.
Early-stage founders should focus on cash runway, customer acquisition rate, churn rate, and revenue growth. Growth-stage founders add efficiency metrics like CAC payback, gross margin, and revenue per employee. Mature companies add market share, competitive positioning, and operational efficiency metrics across departments.
2. Which business KPI is most important at different stages?
Priority metrics evolve with company stage. For early-stage companies, customer acquisition cost and churn rate matter most because they determine whether your business model works. For growth-stage companies, churn rate and revenue retention become critical because scaling on top of a leaky bucket is futile. For mature companies, revenue per employee and market share indicate whether you maintain competitive advantages as markets mature.
However, cash flow and runway remain important at every stage. Running out of cash ends your business regardless of how promising your other metrics appear.
3. Should founders measure business KPIs daily, weekly, or monthly?
Set up dashboards that track leading indicators daily, review tactically weekly, and analyze comprehensively monthly. Daily tracking of metrics like customer sign-ups, churn events, and cash position provides immediate visibility. Weekly reviews identify emerging trends faster than monthly reviews. Monthly comprehensive reviews examine all metrics together and drive strategic decisions.
For UAE founders, adapt review timing to regional business patterns. Avoid scheduling important metric reviews during Ramadan or major holiday periods when data may be incomplete or unrepresentative of normal operations.
4. What should founders do when a business KPI falls outside target range?
Investigate root causes immediately rather than just noting the number. Rising CAC demands understanding which specific marketing channels became less efficient. Declining retention requires customer interviews to understand why they are churning. Each metric deviation tells a story that requires investigation and response.
Create standard investigation protocols for common metric deviations. When CAC rises 20 percent, automatically analyze performance by channel, review conversion rates, and examine customer quality from recent cohorts. When retention declines, schedule customer interviews, review product usage data, and examine support ticket trends.
5. How does business KPI tracking help with fundraising?
Investors evaluate companies based primarily on unit economics and retention metrics visible through proper KPI tracking. Founders with comprehensive dashboards showing improving metrics appear professional, data-driven, and investable. Founders without clear metrics appear risky and difficult to evaluate, which leads to lower valuations or declined investments.
Prepare your business KPI dashboard before starting fundraising conversations. Demonstrate trends over time showing metrics improving, not just current snapshots. Investors want to see momentum and trajectory, not just current state.
6. Should UAE founders use different business KPIs than global peers?
Core business KPIs remain consistent globally because fundamental business economics do not vary by geography. However, adjust targets and benchmarks for local market conditions. UAE payment cycles run longer than many markets, affecting cash conversion metrics. Dubai and Abu Dhabi markets have different competitive dynamics than Silicon Valley or European markets, affecting customer acquisition economics.
Calculate your metrics using the same formulas as global peers for comparability, but set targets based on regional market realities rather than blindly copying Silicon Valley benchmarks that may not apply to GCC markets.
7. What is the right frequency for reviewing business KPIs with different stakeholders?
Establish different review cadences for different audiences. Weekly tactical reviews with core team focus on operational issues requiring immediate attention. Monthly strategic reviews with leadership team examine trends and make resource allocation decisions. Quarterly board reviews with investors and advisors assess direction, annual planning, and major strategic pivots.
Each audience needs different detail levels. Weekly reviews dig into specific channels and campaigns. Monthly reviews examine high-level trends and root causes. Quarterly reviews focus on strategy validation and year-ahead planning.
Conclusion
Founders who systematically track these 10 essential business KPIs make better decisions faster than competitors flying blind on intuition. Early warning signals from declining metrics give founders time to adjust strategy before problems become crises. Positive trends in core business KPIs create data-driven confidence that your growth strategy is working and deserves continued investment.
The discipline of regular measurement creates accountability and focus that gut-driven decisions cannot match. When you know your CAC is AED 12,000 and climbing, you cannot ignore acquisition efficiency problems. When you see retention dropping from 94 percent to 88 percent annually, you must investigate customer satisfaction immediately.
Implementation Roadmap for UAE Founders
Start this week by selecting the 5-7 business KPIs most relevant to your current business stage and model. Set up simple spreadsheet tracking with historical data from the past 6-12 months. Establish baseline performance levels and document target ranges for each metric.
Week two, implement monthly review sessions with your core team. Block 90 minutes on the calendar for the first Thursday of each month. Use this time to review every metric, understand variances from targets, and make specific decisions based on what the data reveals.
Month two, add weekly tactical reviews of leading indicators. Spend 20 minutes every Monday morning reviewing customer acquisition, churn events, and cash position from the previous week. This weekly discipline catches problems while they are small and addressable.
For businesses in Dubai, Abu Dhabi, or operating across the UAE, customize your dashboard to reflect regional business realities. Account for extended payment cycles, seasonal patterns around holidays and summer periods, and competitive dynamics specific to your market segment within the UAE.
The best time to start tracking business KPIs was when you founded your company. The second best time is today. Stop managing by intuition and start managing by data that reveals what is actually happening in your business.
Ready to build a comprehensive KPI tracking system that drives better decisions for your growing business?
Jazaa helps founders across Dubai, Abu Dhabi, and Sharjah identify critical metrics, set up automated dashboards, and establish review disciplines that turn data into action. Contact Jazaa today to build your founder dashboard and start making data-driven decisions that accelerate growth.
Disclaimer
The information provided in this guide about business KPIs is for educational purposes only. Appropriate metrics and target ranges vary significantly based on industry, business model, market conditions, company stage, and competitive dynamics.
Important Considerations:
- Always consult with qualified business advisors and finance professionals before making major strategic decisions
- KPI targets should be customized to your specific business circumstances rather than blindly following generic benchmarks
- Metric tracking reveals trends but requires interpretation and context to guide decisions effectively
- Individual business results will differ based on execution quality, market conditions, and competitive positioning
- Regional factors in UAE and GCC markets may affect appropriate benchmarks and targets
- Jazaa recommends working with experienced advisors to interpret metrics and make strategic decisions
Liability Notice: Neither the author nor Jazaa accepts responsibility for business outcomes resulting from decisions based on KPI tracking described in this article. Business owners should verify all metrics and interpretations with qualified professionals and assess appropriateness for their specific situation. All business decisions remain the owner’s responsibility.
Professional Service Recommended: For reliable guidance on implementing business KPI tracking with appropriate expertise for UAE businesses, contact Jazaa for comprehensive dashboard setup and ongoing strategic support across Dubai, Abu Dhabi, and Sharjah.
UAE Business Context: Founders operating in Dubai, Abu Dhabi, and across the UAE benefit from growing investor sophistication and increasing emphasis on data-driven decision-making. The regional business ecosystem increasingly expects professional KPI tracking as companies scale. Businesses that implement disciplined measurement and review processes position themselves more competitively for fundraising, partnerships, and acquisition opportunities. Understanding which business KPIs matter most for your specific market segment within the UAE provides crucial advantages in competitive, fast-moving markets.
