“The world stands aside for the man who knows where he’s going.” Tom Peters
Measuring the results of all of your business activities is key to understanding the effectiveness and value of the efforts, time and money you and your team are putting towards the business. If you are unaware or have not measured if:
• the revenue you planned for the month or the number of new customers you wanted to obtain was achieved
• the advertisement you placed in the local neighborhood magazine for $500.00 resulted in any calls
• if the 10% promotional sale you held brought additional customers into your business
• if the extra van, large scale printer or other equipment you purchased created additional business
• if the salary or compensation you gave an employee resulted in the quality and level of work you expect from them
How do you know if you are spending your time, effort, and money on the right people (including employees and target customers), in the right places, at the right time, for the right profit?
For your business to be successful and profitable you have to measure the activities that you are executing; everything from spend on equipment, advertising and marketing, networking, sales and promotions, salaries, and others.
Coaching Tip of the Day!
• Identify 3 core measurements of success that support the activities you are executing in your business:
- Activities could be: marketing, networking, promotions, associate performance reviews, advertising, etc.
- Measures could be: # of calls, leads, appointments, new customers, visits, units purchased, revenue, etc.
• Set your desired target results for the 3 measures that you chose
• Track and measure the actual results of those 3 measurements
• Analyze and address the efforts being made on each of those activities in order to ensure that you are getting the results you planned
Don’t be the business that fails or struggles to meet their goals because they failed to know what they wanted, and how they were going to get there. Take 10 minutes each day to review the key activities you and your team are working on, and be sure that you have established clear measurements for success for each of you. You will achieve greater results, faster if you do.