The Power of Metrics in Small Business Growth
Metrics point you in the right direction, showing where to put your time and energy in your company
Guides for Your Business
Recognizing the universal application of these metrics, I wanted to empower fellow small business owners. As such, I've compiled a handy-dandy table below outlining the same metrics you can use to drive growth in your company. Look at the indicators like signs for directing your time and attention where it's needed most. After all, navigating the small business journey becomes more thrilling when armed with the right tools.
Earlier this week, I chatted with a fellow small business owner over coffee, swapping stories about the rollercoaster ride of the past few years. Amidst the laughter and shared anecdotes, my friend asked how I figured out what a business needs. With nearly 15 years of consulting experience, it's become almost like a sixth sense – instinct mixed with strategy.
While we enjoyed our coffee, I stressed that looking at specific indicators in each company is critical. These metrics, as I affectionately call them, spill the tea and provide invaluable insights into crucial aspects of the operations. To illustrate the impact, I shared instances where a simple adjustment like reducing accounts receivable from 90 days to 30 days breathed life into a cash-strapped business, or tracking customer conversion sources proved to be a game-changer for boosting sales.
Use your newfound insights to guide your small business toward success. After all, understanding the metrics is not just about reading the tea leaves; it's about brewing a concoction that suits your unique entrepreneurial flavor.
Cheers to thriving amidst the twists and turns of business ownership.