The Number one goal for any entrepreneur is to build a Business that is successful, profitable and scalable and this can only be achieved by knowing your numbers.
Anything that can be tracked, can be managed and improved.
Look at it this way. If I’m trying to lose weight, I’ll always be tracking my energy expenditure, calculating how many calories I’m putting in my mouth, calculating how much calories are burnt during exercize and regularly weighing myself to ensure I’m moving towards my goal weight.
This is how you should be always treating your business!
Measuring and continually analyzing your numbers provides a clear picture of your business’ health while setting the benchmark for you to keep it thriving.
The numbers of your business are a clear indication of how well you are performing compared to others in the same sector or your fellow competitors. From this point, you can see what your business is excelling in, or not, and if necessary explore how to fix a problem or maintain momentum. This is critical to your profitability.
So what numbers do we need to know? It depends on your business and what you’re looking at improving/growing. Of course, looking at the big picture of your business should always be a priority, where you would need to know:
- Sales numbers
- Running costs and expenses
- Total profit
- Number of clients/customers
- Customer lifetime value
Or if you want to get super-specific on a certain aspect of your business, like leads, the numbers you would look at would include:
- Number of daily/weekly/monthly clicks on an ad
- Number of daily/weekly/monthly leads
- Your conversion rates
- Your cost per clicks
- Your cost per acquisition
Success is a numbers game and mo matter what industry you’re in, the results of your business’ efforts and successes are expressed through your numbers – whether you like the results or not.
Without knowing how a business has performed based on real data and metrics, it’s impossible to predict where it will go. Get clear on where your business is standing, find out all your relevant numbers and importantly get the support you need to see those numbers GROW.
And don’t forget, my line is always open if you need a strategy in place to move your business forward.
What numbers do you track to ensure your business is always growing?
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Marco Reeves – Control Catalyst
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This post first appeared on Marco Reeves, please read the originial post: here