30 Sep Flick the Switch of your Business to see your numbers clearly!
When the numbers of your business are unclear it is like walking through a foggy night without a torch. You fumble along almost blind, hoping to reach your desired destination without twisting your ankle, or even worse. However, if you are able to flick the switch of your torch (by understanding your key numbers), suddenly the path ahead becomes clear and your destination achievable without the risk of injury or failure.
So what are your key business numbers?
What do you really need to understand to help you switch that torch on and see your business numbers clearly?
If there are 100s of different key business numbers you could be tracking which ones should you start tracking first for the ultimate impact?
This will ultimately depend on what areas of your business need the most improvement first! However, I believe there are 7 key numbers that have the greatest impact on a business success.
- Traffic – this could be traffic to your website, your Facebook page, or even past the front door of your shop;
- Leads – this is the number of contacts your business receives, phone calls, emails, Direct Messages, or customers through the doors;
- Conversion Rate – how many of your leads converts into an actual paying customer?;
- Average Price per Item/Service you sell;
- Average Number of Items/Services per sale;
- Average Transactions per Customer; and
- Gross Profit margin on each sale
If you are able to start tracking and improving even just two or three of these key numbers your profit can, and will, start to increase exponentially.
I have a fantastic tool that can help you see the impact that even just a small improvement on a couple of these key numbers can have on your business.
To download your free tool click this button:
Hi, I’m Phoebe. I love business, especially the Numbers! As a sought-after qualified accountant, I come from a place of experience, with over 15 years of running my own accountancy firm, MGA Accountants, I scaled the business to double the size before successfully selling in 2015. Now I am focussing on what I love, helping female entrepreneurs create business success by understanding their business numbers so they can make smary, savvy business decisions to live the life of their dreams.