subject: Business Metrics Work From Home [print this page] Lets get into one of my favorite topics in business and that is the topic of business metrics. Knowing exactly what is happening in your business as it is stated by the numbers.
We all know that numbers do not lie. I said before its so easy to approach a business as an ostrich with her face or head in the sand when it comes to the numbers in your business.
Its so easy to get caught up into the excitement of some of your activities into doing the business or working on your favorite portion of the business, but no matter what your preference is for what you like to do in your business, you need to be aware of the numbers even if youre not putting those numbers together yourself.
I have a team of assistants that work for me and one of my assistants, one of her two primary duties is keeping my reports because I am kind of a report junkie so I wont try to push on to you all the different kinds of reports that I look at because I just like doing that.
But there are three different areas that no matter what kind of business you are in, you must make sure you have some sort of reports that are giving you consistent data of whats happening in these three areas.
That is which activities are being effective in producing results making money for your business. All activities should be measured so that you know which ones are producing the results for you, where your money is coming from and where the money is going to.
Three very simple things, no matter what your business, youve got to know those things so when I get briefly into each one, when I talk about knowing what activities are effective, to me thats probably the most important thing that you can look at in your business.
If you can get that down pat and know what youre looking at so you can make proper changes, that will take care of pretty much everything else in your business, not that you dont need to be tracking those things.
But this is the most important to track because you need to know out of everything that you are doing, that you are putting out to the universe sales pitches, sales copy, recruiting methods, conversations, presentations.
Every moment that youre interfacing your business with the public and asking people to do business with you, either as customers or as recruits, or what have you, clients, you need to know which of those activities are actually getting the results done so that you can focus on those that arent getting you the results and either get rid of them or make them better so that they can give you a better result.
Because if youre putting energy into things that arent bringing you in any money into your business, then youre wasting time and youre missing out on income opportunity there for yourself.
When I talk about knowing where your money is coming from, you really need to have it profiled down to as much detail as possible that people who are investing in your business or who are being recruited onto your team if youre building a team networking business like insurance or network marketing.
You need to know the people who are most likely to purchase your product or become clients, who become recruits of yours. What is their age range? What is their income range? Where do they live? Who are they emotionally? What are their values? What are the places where you found these people?
What are some places, once you got their profiles together, identify what are some additional places where you can find some additional people like this who you are not tapping into.
So, you really need to know in extreme detail where your money is coming from and have that locked down pat so that you can be more effective at finding more and more reservoirs of where you can find that sort of person. Finally, you definitely want to know where your money is going.
Where are you spending or investing the money in your business? What tools? What services? What memberships? What networking groups? You need to be analyzing each one of those things individually and making sure that you are putting that money towards things that are helping you to grow your business or to give you more of the result that you want.
Or maybe you just have something that youre a person that likes to get a massage every week and its not necessarily making you money but its important to you that you do that.
You need to have that clearly written down on paper so that you are clear that you have maximum clarity of whats going on with your business because operating a business and not being clear, not having clarity on that business is very much like planning to fail.
So make sure that youre on top of your business metrics and no matter what business that you have, that you have very detailed reports on what activities are producing the results for you, where your money is coming from, and where your money is going to. If you do those things, youll be very glad that you did.
by: multimilliondollarmindset
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