That’s a famous quote from Peter Drucker, father of modern marketing and often simplified down to ‘measure what matters’.   Whatever words are used, it’s a good business practise! 

First – -what do you measure in your business?  What do you use as a measuring stick to see if you are moving forward?  ACTION: Make a list of 5 things in your business that would help you measure whether you are moving forward!

  • sales
  • revenue
  • profits
  • sales conversions
  • % of clients who are referrals
  • size of your email list
  • ‘likes’ on facebook
  • clicks on your website

Secondly — it’s not just that you measure it but that you measure it OFTEN!!!  How often do you look at your actual sales; revenue; profits?  Are you reviewing these monthly?  weekly?  Are you systematically tracking where you are going and how fast?  

Perhaps you are saying — well my business isn’t big enough to measure all those things!  I beg to differ.  If you aren’t paying attention to your money; then your money isn’t paying attention to you.  Why not treat you small business as a BIG business — you are planning on growing it, aren’t you.    ACTION: On the list that you make in the first step, write beside the items how often you WILL measure it.

Thirdly — tracking money (and all of these other things) doesn’t have to be complicated. There are simple systems you can use.  For your invoices & accounting, if you are small, perhaps it doesn’t have to be a bookkeeping software — perhaps an excel spreadsheet would work.  What type of system are you using to keep track of your clients?  I like using the KISS principle (keep it simple silly).  ACTION: What systems do you use to measure each of the above items?

We are going to spend quite a bit of time talking about tracking your profits and revenue generating activities at PROSPER.  You are coming aren’t you?  There will be sample tracking sheets; recommendations for software; as well as bookkeepers and accountants there to answer your questions!  PROSPER is one month away (see I’m measuring the time that’s left!!!).  See you there!

 

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