How To Grow Your Business By Tracking KPI Metrics
I can’t believe we are almost in October already! As business owners, we are always thinking about how to scale, grow, make more money, have some more time to ourselves, all the things. That’s right. I said it. We probably started our businesses because we wanted to work for ourselves and didn’t want to work a “9-5”, but in reality, we are ALWAYS working. Maybe we aren’t physically working, but our minds are always going and thinking about alllll the things.
With quarter 4 approaching in just a few days, I’m thinking about what I can do to finish the year stronger and keep on track to accomplish some of the goals I had set in place in the beginning of the year. For me, I always assess the goals I am trying to accomplish, and then figure out the steps I need to take, and what I need to track in order to get there.
This post will take you through my process and show you exactly how I do it, so you can do it, too!
1. Get Smart
Have you ever heard of KPI’s? Or, Key Performance Indicators? Or Business Metrics? These are terms that are used in the business world when it comes to setting goals, and measuring/assessing the data to see if you’ve reached your goals, or how you can tweak or improve your strategy going forward if you fell short.
As they say in the finance world, there are no feelings involved, just numbers, or, just the data. This is why it’s so important to set goals and track your efforts to review the data afterwards.
So, in order to track things in your business, you need to know what you’re going to track. And to know what you’re going to track, you will need to figure out your goals and what you’d like to accomplish.
2. Get Specific
Have you ever heard of the term “SMART” goals? Setting specific, measurable, attainable, realistic, time bound goals. Well, you’re going to want to do something like this when it comes to tracking and planning out your goals.
What specific actions do you have to take in order to accomplish your goal? When do you want to accomplish this goal by?
Now is the time to get as specific as possible. Get down to the nitty gritty of what steps you’re going to take in order to achieve the goals you set.
3. Get Data
Once you have determined what your goals are, and what steps you’re going to take to achieve those goals, the last thing you need to do is to figure out how you’re going to track your progress!
Tracking data is so important because it gives you information that you can look back at to really review and understand your efforts. It should help show you any patterns, as well as show you any holes in where you could improve, or what strategies didn’t work.
So what are you going to track, and how are you going to keep track of it?
If you’re looking to get on the fast track to figure out how to plan the last quarter of the year (and any quarter going forward), download our “Tracking Business Success Metrics Workbook”!
It will take you step by step through this entire process, with plug and play statements, and examples to help you along the way!