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What Gets Measured Gets Managed

Advice, Informational · February 10, 2020

Numbers are significant in business management because they tell the whole story. They allow a business’s leadership to measure, manage, and improve their position. Seeing the numbers creates clarity, commitment, and competition among team members.

There are four areas of business you should be measuring: 

  1. Leads
  2. Conversion Rate
  3. Average Transaction Value
  4. Break-Even Point

These measurements are essential to keeping your business running smoothly. Other areas that we find beneficial to measure are:

  1. Customer Acquisition Cost
  2. Customer Lifetime Value
  3. Email Open/Click Tates
  4. Conversions by Each Funnel Page

How to Organize Business Numbers

Now that we’ve discussed what to measure, let’s look at how to organize it. A dashboard is critical when tracking and measuring your numbers. This can be a sharable spreadsheet or even a company website. 

When these numbers are captured and focused on, it allows business leadership to detect a trend and permits time to make changes before it’s too late. Long term, having these numbers organized and visible on a dashboard creates an overall drive for better performance and increased accountability. It allows for problems to be solved faster through teamwork.

All of a business’s key decision-makers should see the dashboard regularly and understand the trends in them. Once they see them on a consistent basis, your numbers will improve.

Filed Under: Advice, Informational Tagged With: Business Management Brighton Michigan, Marketing Brighton Michigan

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-Tony
Event Chair
Executive Director, ABC Technologies

The 2019 Oxford Charity Golf Classic was a great event. It provides much-needed support to families with children who need therapies not covered by insurance. This would not be possible without the amazing support and commitment of Cheryl Wasilewski and her team at JCW.  They were the Engine that kept things going.  
https://jcwagency.com/testimonials/the-engine-that-kept-things-going/
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