11 business success metrics you forgot to track for sustainable Business growth
We all business owners want to grow our business as quickly as possible. To understand business we must know some terms and Numbers related to business.
Are you looking at your business scoreboard often? Or Do you have a business scoreboard?
Do you understand the current state of the game in the above image? Likewise, without an accurate business scoreboard, you won't understand the current stats of your business and what to do in the future.
From this one image we can understand all the current stats of the game. Now we can decide what to do with that team. Similarly, if we have a good scorecard in business, we can easily understand the business and make quick decisions.
Here at 11X Company we provide a lot of businesses with a clean scoreboard to understand their business and what to work for improvement . Here are the 11 tracking numbers for a business scoreboard.
1 - Leads
The number of leads is a by product of marketing. like Henry Ford said “Those who stop marketing to save money are like those who stop a clock to save time.” Without Marketing you can't grow your business.
Influencer Marketing and Digital Marketing are the best practices among the strategies for lead generation.
2 - conversion %
Without conversion, There is no point in creating Leads. So you must set a target of conversion rate. you can use strategies like Value driven-follow ups, referral incentives and more likely now increase the customer review and ratings.
3 - Number of Clients
Knowing the number of clients is important to businesses for calculating income, allocating resources, and developing marketing plans. It helps in determining sales, creating reasonable goals for revenue, and enabling tailored customer service. Key data include total client count, active vs. inactive clients, client retention rate, acquisition rate, and average revenue per client.
4 - Average number of transactions
How many transactions do you receive from each of your customers?.Average number of transactions meant by Total no of bills / total no of customers .if you can increase Average number of transactions it will be a huge boost to the Revenue and Profit.
5 - Average Value of Transactions
Do you calculate average value across all transactions in your business?Average Value of transactions meant by Total Revenue / total no of bills. you want to try to increase your Average Value, it can give you a huge boost in revenue and profit.
6 - revenue
Revenue is the income generated by a business from its normal operations, such as sales of products or services. It's the top line of the income statement, before expenses and taxes are deducted. Revenue indicates a company's ability to generate sales and sustain itself.
7 - Gross Profit
Gross profit is defined as the difference between revenue and cost of goods sold (COGS). It assesses a company's efficiency in manufacturing and selling goods/services. Gross profit is often reported as a proportion of revenue, which helps businesses in determining pricing, cost control, and profitability.
8 - Net Profit
Net profit, also known as net income, is the residual profit left after deducting all expenses, taxes, and costs from total revenue. It represents the actual earnings of a business and is calculated by subtracting total expenses from gross profit.
9 - Cash Flow
Cash flow refers to the movement of money into or out of a business, project, or individual's finances. It's the flow of cash and cash equivalents (e.g., checks, electronic funds) over a specific period.
10- Cash inflow
Cash inflow refers to the money received by a business, project, or individual over a specific period. It's essential for maintaining liquidity, funding operations, and achieving financial goals.
11- Cash outflow
Cash outflow refers to the money paid or disbursed by a business, project, or individual over a specific period. It's essential to manage cash outflows to maintain liquidity, fund operations, and achieve financial goals.
