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Business Numbers matterNumbers, 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:

  1. Record the numbers
  2. Analyze the number to make sense and
  3. Use the analysis to improve your systems.

 

What do you need to know in order to improve your business?