This Month’s Weekly Spark Theme: Business Success = Math
What do I mean by this? BUSINESS SUCCESS = MATH
Are you thinking my business success equals so many things, like marketing, delivery, execution, customer service, product/service creation and more? You are right; all of these are part of your business success and all of them can be linked to your business numbers.
For example, why do we market our businesses? We market our businesses to bring in “traffic”. The term “traffic” comes from foot traffic into a store. Now it also applies to anything that brings your business to someone’s attention – like your website or a networking event. Do you know your overall traffic numbers?
Too many entrepreneurs go into business with a great idea or a passion, but they don’t tackle the business side of being an entrepreneur. Sadly we are not taught business basics in school or how to apply it to a real business.
In order to grow your business you need to stay focused on your numbers.
There is magic to numbers and math, which is the compound effect. Increasing a series of measurable components of your business by 10% to 15% will result in a compound effect of more than doubling your revenues. Yes, more than doubling your revenues.
It is so much easier to determine how to improve one of your existing numbers by 10% then to figure out how to double something. So for example, if you currently have an average of 100 new visitors step into your store daily, what do you need to do to increase that number to 110? That is simply attracting 10 more people who enter your store and much easier than trying to double the number and attract 100 more people.
This month’s Weekly Sparks and daily blogs are going to be focused on your business numbers. I’ll be introducing the key numbers that you should be tracking, which I call “The 7 (plus 1) Accelerators”. All businesses no matter your size, industry, or clients, need to focus on these Accelerators.
What are you tracking?
To start with, I want you to think about what business numbers you are currently measuring and tracking. How are you measuring them and how frequently are you looking at them? I’ve created a simple worksheet, “7 Accelerator Worksheet – 1st Step”, that you can use to capture what you are doing today. You need to know your starting point in order to improve where your business is going. The reality is, just starting to be aware of your numbers by tracking them, often results in improved results. Why? You’ll see gaps, opportunities, and steps that you know your business needs to do, but aren’t getting done.
It is easy these days to get tied up in social media, serving our clients, looking for new clients, online marketing and many other things. Time flies by and we find ourselves making money, but not reaching the revenues that we really deserve. Time and time again, I find entrepreneurs (women, in particular) working hard but not reaching the audience they want and/or the revenue they need.
Why? They are not:
- Focused on their numbers
- Leveraging the effect of compounding, where small changes to their numbers result in a large increase to their revenue.
- Planning their business decisions based on all of their key numbers.
If you want to double your revenue it is time to focus on your numbers. Take the first step. Download the “7 Accelerator Worksheet – 1st Step” and capture what you are measuring today. Please share below what you’ve discovered about your numbers. What are you measuring? What aren’t your measuring?
Next: The 7 Accelerators