By Anne M. Bachrach (USA)
When running a business, you cannot rely solely on assumptions, winging it, or gut instinct to get you to where you want to be. You need to have quantifiable key business metrics in place to measure the actual reality against your goals. And you don’t need to be a genius to understand the significance of business metrics and what they stand for. A little application is all it takes for you to learn about the key business metrics of the successful business owner.
Usually, business owners have some business metrics in mind when running the business even though, are not clearly laid out as such. For instance, there would be hardly any entrepreneur who does not use revenue to measure the success of a business. Revenue is a key business metric, and so are the expenses, the cost to acquire clients, inventory, etc., as these are things every entrepreneur has in mind when analysing their business’ performance.
Controlling and managing the metrics which can be crucial for your business’ success is essential. For this, you need to be able to measure the metrics your business is following. Below are 3 benefits you gain by implementing key business metrics and measuring them consistently.
Source: iCN Issue 10 (Business Coaching); pages 37-39
About Anne M. Bachrach
Anne M. Bachrach is known as The Accountability Coach™. She has 23 years of experience training and coaching. Business owners and entrepreneurs who utilize Anne’s proven systems and processes work less, make more money, and have a more balanced and successful life. Anne is the author of the books, Excuses Don’t Count; Results Rule!, and Live Life with No Regrets; How the Choices We Make Impact Our Lives, and The Work Life Balance Emergency Kit.
