Are You Tracking Your Metrics or Are You Scared?

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metricsDo you have metrics systems in place in your business? Are you tracking your numbers or are you like many of the business owners I speak with that aren’t tracking what they are doing because they are scared?  Most business owners are scared because all they see is money going out the door and not enough coming in.

Here’s the thing, if you are not tracking what you are doing then you don’t know if what you are doing is working or not?  You need to know what’s working so that you can do MORE OF IT!

Another good reason to track what’s happening is this: whatever we watch and put our attention on – grows.  If you don’t watch the cash flow of monies into your business,  the flow of cash in will not grow.  Because you’re paying more attention to what’s going OUT of the business – that’s what’s going to grow.  Make sense?

Here’s another cool thing, when we start to look at our metrics and track what is going on in our businesses, it’s not as scary as we thought!  It actually gives us tremendous power to change and grow the numbers in the direction we want. Once you start to know and understand your numbers, you will feel so empowered, you may even turn into a metrics geek. I’ve seen it happen!

Implementing a metrics system will help you keep track of what’s happening in your business every day and make better decisions on what to do to improve your results. Metrics help you track the numbers to measure growth, effectiveness, and find opportunities.

While there are unlimited possibilities for what you can measure, I’m going to focus on the five key areas that you must measure regardless of your goals or what type of business you’re in.

  1. Cash flow—plotting out in advance and tracking how much is coming in and going out on which days.
  2. Sales— the number of sales conversations that are scheduled, how many actually take place, your conversion rate, and which offerings are selling or not.
  3. Expenses—know how much you need for recurring expenses and one-time investments for special projects.
  4. Accounts receivable—know who owes you money, when is it due, and track whether or not the money arrived as scheduled.
  5. Marketing—which marketing activities you are doing and how many leads and sales your efforts generate.

If you would like to finally get a handle on your metrics and increase your business may I suggest you start to put some simple systems in place in your business and build your foundation? This is something that I cover more in-depth in my 7 Week Virtual Training program on automation and growth. You can learn more about that here!

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