Having various measurements in place for your business allows you to evaluate how effectively you are spending your time and determine which areas need more attention or improvement. So it is good to have measurements for everything in your business. Here are some questions you can ask yourself to help build your measurement systems:
1. How much time should I be devoting to sales?
2. What marketing activities should I be spending my time on and how much time should I devote to each?
3. How much time is needed for delivery, collection, and payments?
Here are some examples of how you might measure various systems in your business:
Set realistic goals for your marketing system based on your niche and the level that your business is at currently. For example, if you are just starting an email list, your goal might be to get 100 people on the list this month.
Establish monthly goals for the amount of product you want to sell and the amount of money you want to generate from your sales.
Your delivery system might measure how much in dollars you were able to deliver during a certain period of time, such as during a month.
Using collections measurements, you measure the dollar amount of receivables over a certain period of time.
When looking at your measurement systems, rather than focusing on what you are lacking, focus on your progress and what you want to create more of. Use your measurements to inspire and motivate you forward.
Growing Your Systems
Although your systems may work well currently, they may not necessarily be able to sustain your future business expansion. So it is important to create scalable business systems that support growth.
You should evaluate the capacity of your systems on a regular basis and ask yourself how much capacity each of your systems could handle. For example, if you doubled production, which of your systems might have problems or collapse? How can you strengthen them and boost efficiency and productivity? By managing your systems effectively, you will have a better running business that makes more money.
Business Coach, Author, Artist & CEO
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