Take your success to the next level
The 5 metrics every business owner should track
I want to keep this really short and really simple today.
And the theme of this is keep shit simple.
I’m watching so many entrepreneurs right now complicate their business because of the whirlwind that they’re in.
Growing a great business is really, really simple, but it’s not easy. Don’t mistake simple for easy.
As a business owner, you need to oversee and move in the right direction with these five metrics.
The number of leads that you generate, the number of quality leads that you’re generating.
2. YOUR CONVERSION PERCENTAGE.
What percentage of those leads are turning into paid customers?
3. AVERAGE DOLLAR SALE PER CUSTOMER
For each transaction, how much are they transacting?
4. FREQUENCY OF TRANSACTION
How often are these customers buying from you?
How can we deliver our product or service at a greater margin?
And if you keep it that simple and you ask yourself each week, how can I improve those five figures? And if you do this consistently, over time, your business will grow without fail.
That’s the growth formula for business. Now, as I said, it sounds really simple, but it’s not easy. And you’ve got to understand what the strategies and tactics are in each of those five in order to grow your company.
So ask yourself this.
Am I measuring those five metrics?
Am I measuring the number of leads that we’re generating on a weekly basis, the conversion percentage, the average dollar spent, the frequency of transaction, and the margins?
A great mentor of mine told me just the process of measuring will improve your results by 5 to 10%. And once you have asked yourself the above and begun to measure, you need to ask yourself what am I going to do this week or this month to improve that metric?
Knowing that when each of those metrics improves, it’s a compounding effect through to your bottom line.
If you need some help with the above, please feel free to reach out. I’ve got a really simple business growth formula template. And if you’d like that template simply reply to this email and we will get that template across to you.
I hope that’s been helpful. We look forward to working with you soon.