Mastering Metrics Skillfully for a Strong Business
Mastering metrics skillfully builds a strong business gives you peace of mind. Metrics show the current state of the business by measuring what gets done. They drive business decisions with facts, leading to success.
If you are just getting started with tracking your business’s metrics, it’s important to know that metrics follow a predictable cycle:
- Track – Set in place what you want to measure
- Review – Assess how your metrics are performing
- Report – Generate reports that compare present performance to goals and past performance
- Improve – Identify areas where your business is not performing how you’d like and make adjustments
- Repeat – Continue the cycle until desired results are achieved
Most business owners get stuck or overwhelmed if they try to track too many metrics right out of the gate. That’s why I recommend starting simple, tracking just a few metrics at first, then building from there. It also helps to use a template or invest in a dashboard tool that generates powerful reports and analyses you can use to move your business forward. Keeping it simple is the key to mastering metrics.
What to Track
Mastering metrics skillfully starts with selecting what to track for your business.
Here are some of the areas of your business you should be tracking:
• People Numbers (Leads and Customers)
- People who have made a purchase (customers) and people who are on the lists (prospects)
- The number of people on each list and the changes from week to week
- Total number of people that have bought various products/services
- Top 10 customers (monthly)
• Sales/Revenue Numbers
- List of everything the business has to offer, including products, services, coaching, etc.
- Revenue for each product and service on a weekly basis
- Total weekly revenues
- Total refunds
• Promotions
- How often are offers (email, ads) being sent? And to whom?
- What are the active funnels, lead magnets, and launches?
- Social media stats – follows, views, clicks
- Special or project-based promotions
• Website Traffic
- Number of visitors to all key websites each month
- Conversions – number of subscribers or number of sales
- Where is traffic coming from? (organic search, direct search of company name, social media, paid, etc.)
• Goals and Targets
- Are we meeting monthly, quarterly and annual goals?
- What can we change to close the gap if we are behind?
- What can we accelerate if we are ahead?
If you want some tips on reporting metrics, check out this blog post.
Need Help with Your Metrics?
Are you using metrics in your business? If you need help getting started, deciding what to track, or making sense of all the data, an Online Business Manager can help.
We walk you through your goals, determine what data you should be tracking, and set the process in motion.
Mastering metrics skillfully helps you build a stronger business with continued success.
As a result, she enjoys her business again!
I’ve helped small businesses through growth, plateaus, and decline for over 25 years.
As a Certified OBM®, I focus on management for the entrepreneur who sells services online.
I love helping online businesses grow!
I care about your business and supporting you to move forward.
When you are ready, I can help.
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