What if I told you that there was one thing that would help you improve your business day after day, week after week, month after month, and year after year?
One thing that will lead you to success AND allow you to repeat those steps to see success over and over again?
And you already have it!
It's your business data… understanding your numbers will help you in so many ways. Yet, so many people don't look at the data – the numbers scare them. You definitely don't need to be afraid. The great news is that you don’t have to be a math person to get into the numbers and see what is working and what is not working in your business.
Think about how familiar are you with your business numbers?
- Do you know your break-even point?
- Do you know how much your expenses are each month?
- How much were your revenues last month?
- Do you know how much it costs you to acquire a new customer?
- Do you know your customer lifetime value?
- Do you know how much money you earned last year?
- Do you know your open rates for emails you send out?
- Do you know your conversion rates for each of your sales pages?
These are just some of the numbers that are important for you to know to make good choices. For example, if you don’t know your customer lifetime value (CLTV), how can you know how much is okay to spend on acquiring a customer!?
You should be happy about having such a powerful way to track, measure, and plan your business's future in a successful way. Yes, success can be planned. It doesn’t really happen often by accident. When it does, that business is a flash in the pan and doesn’t usually survive long term.
Which is why business owners need to pay attention to their numbers, know their numbers, and use the numbers to make smart decisions based on factual information instead of assumptions. You may think you know why you had a spike in hits to your site or click-throughs in email messages, but the only way to know for sure is by the numbers.
You need to know what numbers are important for your business. How to find and collect them. How to interpret them (there may be many ways) and how to display them for maximum understanding for yourself and for any stakeholders.
So, what's next? Well this is WAY more than one blog's worth of content! Make sure you're subscribed to the blog and/or join the FamilyPreneur™ Community so that you don't miss any of the upcoming content related to making data-driven business decisions!
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