Episode #045 Show Notes:
When I say data, you say???
I can imagine most of us don't start jumping for joy when we have to talk about our business data. But "knowing our numbers" is very important! Let's dive to which data I need you to track so we have our finger on the pulse of our business growth.
Here are some highlights:
In the previous episode, #044, we discussed the financial numbers you need to know and how to use those numbers to master your profit.
There are a few key business numbers we need to know beyond just knowing our revenue, expense, profit and how much to set aside for taxes. Those often-over-looked important numbers are your business growth numbers. And our business growth numbers are incredibly important points of data for our business.
I discuss 5 key metrics to track - daily, weekly or monthly - to have your finger on the pulse of your business.
1. # of new clients needed every year
2. # of repeat clients
3. # of prospects in your pipeline
4. The sources of where your clients and prospects come from
5. Your close ratio by source
I created a worksheet to help you through computing each of these numbers for your business.