“I feel like we aren’t making money this month.”
“I feel like we have a lot of clients quitting this month.”
“I feel like I need to focus on my lead generation more.”
How many times have you started a sentence like that when someone asks you how your business is going?
Most often, business owners answer this question with, “I feel …” because they don’t truly know what’s going on internally. When this is the answer I get from business owners, my next automatic question is, “Are you tracking these things?”
Metrics are so important. Knowing what the heartbeat of your business is doing will help you make effective decisions that will help you focus on the right things.
When we base our decisions on what we feel is happening in the company, we might actually be distracting ourselves from the actual problem, or towards things where we might easily gravitate because we like working on those tasks.
Feeling like you’re not making any money this month can be easily remedied by understanding your incoming transactions and your outgoing expenses. But I have spoken to business owners who open their bank account once a month!
When you feel like you have a lot of clients quitting this month, review your cancellation list. Or better yet – make sure you are actually tracking these things! A quick list on who has cancelled, when they left, how long they’ve been a client with you, and the reason why they cancelled can be incredibly helpful when it comes to identifying holes in your business, but also on future reach-outs to those alumni clients!
I love when the comment comes up that the business owner feels like they need to focus on getting more clients in the door. Once we start tracking their leads and all the concurrent important information thereafter, we most often identify that the problem lies in their sales process further down the line!
Most things like this, however, wouldn’t be known if the business owner doesn’t track them.
The lack of tracking important metrics is one of the most common problems we encounter with business owners we first start working with at Perfect Day Business Mentorship. It’s therefore one of the first things we tackle in our Good Day Program – the first phase in our client’s mentorship journey with us.
If you understand how money is flowing, how clients enter and progress through your business, and how your systems are working — you can make effective decisions moving forward, and not get distracted by less important, or already functioning areas!
Our mentorship roster has space left for August. If you’d like to chat with our team and build some awareness and knowledge into yourself as a business owner, book a FREE Discovery Call here. Just a conversation – let’s see if we’re the right fit for one another.
ps: This is not a hit on emotions in business. There definitely is a place and time. However, decisions in your business should be made objectively 99% of the time!