Although many development partners havebeen discussing impact and evaluation for the last 30 yearsof international development, there still seems to bedisagreement on indicators, impact, and how to collect thedata, and discussions are ongoing. Evaluations and impactassessments are crucial for International FinanceCorporation (IFC) advisory services projects. They helpidentify issues in implementing strategies that ultimatelystand in the way of realizing the project's goals andprovide vital lessons for the success of future endeavors.Based on experiences at the IFC South Asia EnterpriseDevelopment Facility (SEDF), the authors want to share somelessons on how to collect monitoring and evaluation(M&E) data in the most effective way and what data tolook for.