You hear a lot in management theory about measuring. The old saying goes, what is measured is what matters. If you look at a lot of employment data, they’ll tell you that employees often do what is measured, what is looked at. The things that aren’t looked at are often neglected. What you are measuring does matter.
It’s very important that you understand metrics in your business. Now for many small businesses they like to fly by the seat of their pants. They like to have a feeling. “I feel like this is the right thing,” or “I know this, in my gut. I know this, in my instincts.” You need to take it to a higher level if you are going to grow and be better.
As our businesses grow, we’ve added metrics. We’re still not perfect. We’re still learning as we go. One thing is key: we know that measuring what we’re doing gives us feedback on what we’re doing right and what we’re doing wrong. It allows us to refine, it allows us to learn and it allows us to know what we should do more of and what we should do less of. My only regret is I wish we had put metrics in place sooner. I wish we had been measuring the things that mattered sooner – the numbers, the growth and the different aspects of the business.
Now, there’s a lot of things to measure in business these days. With computers and automation, there’s so many different directions you could go. The key is to hone in on a few key indicators of your business. What’s important? What’s key to your business? Start looking at those items and paying attention to those.
Don’t track every metric to begin with. Add metrics over time as you learn about your business and what’s key. Don’t overwhelm yourself. Figure out the why. What underlies the numbers so that you know where to focus your attention.
What’s been your experience with working with numbers and metrics in your business? Where are you at today? Where do you want to be? Join us in the comments below.
Measure your business to get feedback.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Harald Kharly.
About the Author
Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at email@example.com or (214) 418-0258.
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