I just got off the phone with my team of entrepreneurs at MIYAGI which inspired this post.
One of the key principles of business is to understand and know the numbers/metrics in your business.
Metrics or “key performance indicators” are a way of assessing how well you’re doing on a daily basis and to get a better understanding as to what is producing (or not producing results).
It’s the same with someone wanting to lose weight. Weight loss on the scale is the goal but in order to understand why the scale is not budging we need to look at the metrics; what you are eating? How much you are exercising? How much sleep are you getting etc.
All businesses will have their own unique set of metrics but here is a general list:
- How many people have heard about you today?
- How many of those people have emailed you?
- How many people became customers?
- How much was the average purchase item?
- How many people received the results you promised them?
- How many people dropped off as inactive?
- How many people upgraded their service?
- How many people referred someone?
- How many people gave you reviews?
- How many people quit?