Track These 5 Metrics in Your Business for Serious Results

Many business owners come to me and say they want more clients, more revenue, and more profit. But I let them know they can't just have those things. Why? Because they are RESULTS.

When your main focus is on the result alone, you will fail to put in the required effort necessary to bring forward that positive result. 

If you sign up for a marathon and only ever focus on the 26.2 mile race day, chances are you won’t perform as well as someone who puts their attention into establishing the various methods that will gradually lead them to success: a healthy diet, good sleep schedule, strength and interval training, stretching and resting. 

To improve on the areas of your client base, revenue and profit, you must first focus on these five key areas of your business: 

Number of Leads

Tracking your leads and what channels they are coming from can help determine where to most effectively allocate your resources and time. There is a variety of lead tracking and management software available online. Using promo codes and asking leads directly or through a form field are additional methods to have visibility into where your leads came from. 

Conversion Rate

Understanding how many of your leads are becoming customers is vital to the growth and strategy of any business. To take this a step further, you can analyze the possible reasons that certain leads became customers while other leads did not. Which type of leads has the strongest conversion rate? 

Average Sale (in dollars)

By tracking this, you can determine your average customer's purchase size and make adjustments to your pricing or promotion strategies if necessary. It also helps you understand what products are the most profitable and which could use some improvement.

Number of Transactions

Knowing how many transactions occur on a regular basis allows you to compare performance over time and identify trends in customer behavior.

Profit Margin

By monitoring this metric, you can identify opportunities to increase profitability by cutting costs or expanding into new markets. It also helps you adjust pricing strategies and promotional offers to maximize revenue.

Gaining clients, increasing revenue and maximizing profit are all great goals to have for your business success. But in order to achieve these goals, you must first understand the specific areas and metrics within your business to see what is working and what needs improvement. 

If you’re unsure how to start tracking these key metrics, schedule a complimentary conversation with me to learn how the 5 Ways can work in your business for massive growth.