Know Your Numbers

What Numbers Should You Measure In Your Business?

One of the keys to growing your business is in knowing your numbers. With a background in engineering, sales and marketing, I love systems, and I love numbers.

Why? Because if you can measure it, you can improve it.

There are very few businesses on the planet that can’t double their sales with little effort. How? By knowing their numbers.

Did you know, that you can take any marketing process, or any sales process, and break it down into steps, and then focus on improving those steps, then you can double your business?

For example, if you list out your process into 5 steps, and then focus on improving each of those 5 steps by only 15%, then you will double your business. . . . I have a spreadsheet that I use to do this with clients. If you want me to do this with you, go here and let’s schedule a time to talk.

So what should you measure?

Obviously you want to measure total sales, expenses and profits.

And then you also want to know total sales per month by product.

Here are the main metrics you should measure – I would measure these on a monthly basis:

Goals
# Leads
# of Opportunities
# Sales
Total sales
Payments
Receivables Due
Sales Forecast
Marketing and advertising costs by channel (ex. costs for ads for Facebook, Google, LinkedIn, YouTube, Direct Mail, Print, etc.)
Ideal is to measure your ROI by marketing source
Expenses
Profits

These will give you an excellent understanding of the state of your business and how you’re doing each month.

If you want a growing, thriving business, then these should automatically appear on a dashboard so you can see the stats live. Knowing your numbers will give you the full picture of what’s going on in your business. If you want help with this, email me or request a consult here: https://www.chrisgoegan.com/Win

I also wrote a full paper on this, that explains the importance of KPI’s (Key Performance Indicators) and what to measure. To get this, email me at Chris@ChrisGoegan.com and say “Send me the KPI Report”

If you’re doing any kind of digital marketing, then here’s what you should measure:

For Professional Service Businesses:

# of impressions (this is the number of times your ad was shown)
# of clicks on your ad
Your CTR (click thru rate is a percentage, which is # of clicks divided by # of impressions x 100)
# of people that signed up to get a free report, guide or white paper
# of people that requested a meeting
# of meetings that happened
# of closes
Dollar value of the sales

Or if you’re selling a product online:
# of impressions
# of clicks on your ad
Your CTR
# of people that signed up to get a coupon, or a special offer, or a free report, guide or white paper
# of people that clicked “Add to Cart”
# of completed orders
Dollar value of the sales

If you’re doing a webinar:
# Visited page
# Registered
# Showed Up
# Saw offer
# Completed Orders

If you’re doing sales:
# of calls
# of decision makers talked to
# of meetings set
# of meetings done
# of sales
Dollar value of sales

I could go on and talk about direct mail and the many other forms of marketing and advertising, but I think you get the point.

In any of the scenarios above, if you list out your process for your business, and if you list out 5 areas, and if you focus and improve those 5 areas by only 15% each, then you will double your business.

(Yes, I know, if you multiply 5 x 15%, it comes out to 75%, so how does it double you ask? It’s like compound interest, if you double the leading indicators like impressions or clicks, then it has a compound effect on the end result. I used to be an engineer and I have a love for numbers and the spreadsheet I made shows that the math works.)

So, trust me, the math works. Take 5 steps, improve each one by 15%, and you double your business.

Pretty cool eh?!!

And if you do this with a systems mindset, then you can take those numbers and 2x – 10x them. That gets super exciting!

One last point, when you measure, you also have to identify what level of prospect you are talking to.

There are 3 types of prospects:

1. Colds
2. Warms
3. Hots

I ingeniously call this our CWH Method. (Get it? C for Cold. W for Warm. H for Hot. Clever eh?!)

When you create systems to go after the Colds, and then have a system to warm them and nurture them so they go from Cold to Warm to Hots. When you build systems to handle those 3 levels of prospects, that’s when the remarkable growth happens – like one client who finally hit 7 figures, or another who was already doing several million and grew 10x in under 2-years.

(For more info on how to get CWH Leads, I have a 5-minute video you can watch here: https://www.ChrisGoegan.com/Scale)

Let your numbers talk to you. They will tell you some incredible things. You have incredible opportunities right before you.

Blessings eh!

P.S. If you have a pressing need, and just want to get to growth, let’s talk, it’s on me. Email me or go here to request a conversation – https://www.chrisgoegan.com/Win