Tracking metrics tells you how well you are doing from week to week.
It helps you measure the things it’s most important to measure:
- The number of customers you have.
- The number of products you have.
- The amount of sales you are making.
- The frequency of your promotions.
- What you want – what your goals and targets are.
You will immediately see when your measurements ‘spike’ or ‘tumble’.
This means you know precisely what you should keep doing, and what you should stop doing.
Your own Metrics Worksheet can act as an EKG for your business.
It will tell you if your business pulse goes flat-line, fast. Obviously flat-line is not a desirable state for us or for our businesses, and the more quickly you can respond when things are ‘slow,’ the better chances you have for a healthy business. (Simply keep an eye on whether your metrics change. In all cases, if they aren’t moving somehow, things are not as they should be.)
A great Metrics Spreadsheet also sharpens your focus
Would you be better off adding new income streams to your product funnel? Could your existing streams be doing higher volume?
Although there are many more deductions you yourself can make when it comes to your Metrics, be aware that the process of tracking your metrics is a clever and elegant management tool.
How Do You track Your Metrics?
It’s really quite simple — I recommend using a simple Excel spreadsheet to track your metrics. There’s no need for any fancy or complicated software here. Check out the “Measure What Matters” item below for more information on how you can get access to our Sample Metrics Spreadsheet and additional information on the when, what, where, why and how of collecting metrics in your business.
You’ll find that as you collect your metrics and post them to your spreadsheet, it will become the driver of your business. You will begin to do some analysis and make decisions based on the information you have collected. You may be surprised at what you find — some very positive ones, but also others that may require a change in your business.
Who knows … you may become a ‘metrics-addict’ like me!
Tell us … do you currently track your metrics? What do you measure? Or will you be implementing metrics into your business?
We look forward to receiving your comments.