Don’t wait until mid-month to find out if you hit your goals!
Too many business owners are waiting until after the month (or even worse, the year) is over to check on their success. This is a huge mistake!
Certain reports like your financial statements cannot be prepared until after the month is over, but many other numbers can be tracked proactively, as you go through the month. This way, we have more control over how successful we are, and we will also be more profitable!
There are a number of things you can track in real time that will help you and your team achieve goals. Below I’ve listed a few examples, but you know your business best, so to determine your best proactive measures simply ask “which numbers contribute most to me hitting my revenue, expense and profit goals, and my strategic objectives?”
Track number of leads coming in
How many new leads are coming in per day, and per week? How many leads per month do you need to hit your revenue goals? *Make sure to separate the leads by source so that you can use the data to make better marketing decisions.
Track conversion rate of leads
Track number of customers
Track average sale per customer
Track daily sales as a percentage of total sales goal
This is one of my favorite proactive measures. Take the number of days you’ve been open so far this month, and divide it by the total number of days you’ll be open this month. Then compare that percentage to the percentage of your sales goal you’ve achieved so far (sales so far / total sales goal). If you’re 59% through the month, but only 45% of the way to your sales goal, you’ve got some catching up to do!
As I said, you’re the expert in your business, so choose your own proactive measures (or use mine) and get ahead of your goals this month!