Numbers, numbers, numbers.
Hate them or love them, they run our world. Material wealth is based on a number assigned to the value of your assets and the revenue they produce. How we feel about something is often reduced to a scale between 1 and 10. Even in social media, you base your “acceptance” on the number of likes, shares or re-tweets.
So what numbers matter to you?
Some numbers you should track even outside your accounting books. Some numbers many businesses need to keep include sales effectiveness (sales calls/store visitors, positive responses, objections, etc.) or quality measures (Re-dos, refunds, material waste, labor hours) but are often not kept.
iContact (the email provider I use for this newsletter) provides me with numbers about how many open the email, how many click through, or how many unsubscribe. I use this feedback to know what content you would prefer to read, how to format it and the best time to deliver it.
The challenge with keeping numbers is establishing a discipline to:
- Record the numbers
- Analyze the number to make sense and
- Use the analysis to improve your systems.
What do you need to know in order to improve your business?