Are you keeping track of everything that you should be about your business? Have you been paying attention to the important things that are actually helping (or hurting) your bottom line? Well, we’re going to talk about a total of 30 different things that you should know about your business at any given moment.
- Monthly Visitors
First, you want to know exactly how many people are coming to your website in any given month. Specifically, you want to know how many unique visitors you have. If you have a huge fan that shows up every day and you only track monthly visitors but not unique visitors you’re going to see that person show up as 30 visits This makes it look like you have more people coming to your page than you actually do.
- Click Through on Emails
The only way you’re going to make any money off someone is if they actually come to your website, not just if they read your email. That means you need to keep track of how many people are receiving your emails and how many of those people click on something in the email that leads them to a page on your website. Most email automation software will keep track of these numbers for you.
- Organic vs. Paid Traffic ROI
You’re going to get some people coming to your website simply because they found you by performing a search for your type of business. You’re also going to have people who find you because you paid for some type of advertising that they saw. You want to know just how well you’re doing in each of these regions. Get an accurate record of how many people are finding you through each method of advertising or organic search.
- Email Signups
How many people are signing up for your emails or newsletter? Getting someone to give you their email address is extremely important. You want to know how well you’re marketing to people to get them to do just that. Tracking the number of people who are already signing up with you is going to give you a head start by letting you know what type of offers or calls to action are actually leading people to fill in their email.
- Customer Acquisition Cost
How much do you have to spend in order to get a new customer? You want to keep your acquisition cost as low as you can. The best way to calculate this is to look at your total number of sales in the month and then look at the amount of money that you spent on marketing in that month. You would divide the sales by the money spent marketing and get your acquisition cost.
- Conversion Rate
How many of the people that come to your website are actually converting into customers? Now, maybe you don’t actually have a product to sell but you’re working on growing an email list or maybe you’re just offering a free item at this point. You still want to keep track of how many people show up on your website and then how many take the type of action that you want them to.
- Average Revenue Per Account
With this number you’re going to take an average of the amount that each customer is spending in your business in a given month. All you need to do is take the total amount of sales that you had in the month and divide it by the total number of customers you had in the month. This will give you an average of what each person spent.
- Churn Rate
If you have churn in your business it means that people are leaving. Now, every business is going to have a churn rate. The key is to get this rate as low as possible. You get to decide at what point you consider someone to be gone or not coming back. Is it after they’ve been gone for a month? Two months? Some other length of time? You want to keep track of how many people you’re bringing in any given month and how many people you’re losing in the same period as a percentage.
- Customer Retention Rate
How many people are buying a product regularly? What type of product are they buying. If it’s something they would need every month are they buying every month? How many people are making a purchase on a consistent basis? You can keep track of these numbers without sales too. You can track things like newsletter signups. How many people continue to receive your emails? How many continue to open them?
- Customer Lifetime Value
How much is a single customer spending on your products over the entire length of time that they are with you? Take the average revenue per account, then calculate the customer lifetime, which is 1 divided by the churn rate of your customers in months (expressed as a percentage). Once you have both of these you take the average revenue per account and multiply it by the customer lifetime.
- Current Active Users
How many people are coming to your website and engaging on a regular basis? Now, you’re going to need to decide what activities constitute an active user. Maybe it’s coming to your website a set number of times in a month. Maybe it’s engaging with certain features or commenting on a certain number of posts. You get to decide on what it means but keep an eye on how many people are actually meeting that standard.
- Customer Complaints Filed
You want to know the number of complaints you’re getting in any given month. The key is to know the number and also to make sure that you’re doing everything you can to resolve those complaints. If you’re getting a lot of complaints about the same thing you want to take action and make a change within that area.
- Customer Engagement
Take a look at what kind of engagement you’re getting from your customers. How much time are they spending on your website? Which pages are they going to? How many pages are they going to? Are they coming back? Are they commenting on posts? How often are they commenting?
- Current Cash Flow
How much money is coming into and going out of your business at any given period? You want to make sure that you know exactly what’s going on with the money in your business because if you don’t it’s a recipe for disaster. Even if you have a negative cash flow you need to keep close track of this (or if you have a great positive cash flow).
- Accounts Payable
What money do you owe out to people? Do you have vendors that you need to pay? Do you have owe payroll to your employees? You should know exactly how much money needs to be going out. This doesn’t mean just money that is overdue. It just means that it’s money that you have to pay out. It could be a bill that’s not due for a month, but you still need to account for it with your records.
- Accounts Receivable
On the other side of things you also need to know how much money is owed in to you. How much money do your customers owe you (for example clients who are on a payment plan)? How much do other businesses owe you? This is the amount of money that you expect to have coming in, and likely as soon as possible.
- Direct Costs
How much does it cost for you to create the product or service that you’re selling? The cost that you spend on creation, including materials, employee payroll, labor, etc. are all going to factor into this number.
- Net Profit
Your net profit is how much money you’re actually bringing in. This is the amount that you have in the accounts after you’ve paid out all of your taxes and any interest. It’s the amount that you can use for whatever you want (but that you don’t need for any kind of expenses related to the business).
- Cash Burn Rate
Your cash burn rate is the rate at which you blow through the money that you have. If you have cash in your accounts how quickly do you spend that money on expenses or other items that you want or need for your business? You want to have a low cash burn rate because this means you’re not running low on money and you’re not using up your cash reserves.
- Overhead Costs
This is one thing that you need to know at any given moment and every time you change something in your business you need to look into it again. This is the amount of money that it costs just to keep the lights on and your business running. It includes general bills for the facility that you use as well as other expenses that aren’t related to just how much you produce or don’t produce that month.
- Staff Productivity
How much work is your staff actually getting done? Are each of the people on your team doing the same work? Are they getting the same amount done in any given day? All of this is going to help you keep your staff happy and it’s also going to keep your business running more efficiently, which is the whole point after all.
- Monthly Profit and Loss
You should know how you did for any given month as far as making a profit or operating at a loss. So, if you came out ahead you should know by how much. If you fell behind and you owe more money than you brought in you should also know by how much that happened. You want to always be aware of your income numbers.
- Current Inventory
Do you have any items currently in storage somewhere? Are you holding any type of inventory that you’re trying to sell? If you are then you need to know exactly how much of each item you have and what kind of cost that represents. How much money do you have invested in that inventory and what does that mean for your bottom line?
- Sales Revenue
How much money actually came in this month? This is the amount that customers actually gave you for your products, before you calculate any of the expenses that come out of that amount. So, this is the amount that you took in before paying taxes, fees, etc.
- Sales Growth
This is something you can look at month over month or year over year (and likely both). You want to track how much money you made in one month compared to the next and how much you made in one year compared to the next. You can also track how many conversions you had of adding people to your email list for example.
- Customer Satisfaction
Keeping track of how many people are happy with the product or service that they received from you is an important step as well. You can learn more about this by conducting surveys with your customers to see who is happy and who isn’t. Also, monitor the typical review sites to see what people are saying and what you can do to improve satisfaction.
- Milestones Met
You should have some specific goals and plans for your business and you want to keep track of whether you’re meeting those milestones or not. Pay attention to the type of milestones you’re failing at and how you could improve your chances of success the next time (you might need a bigger team or a dedicated plan, for example).
- Employee Satisfaction
Just like customer satisfaction you want to make sure that the people working on your team are happy. These are the people who are promoting your product or service and you absolutely want to make sure that they are happy to do so. Conduct anonymous surveys if you’re concerned about people not responding truthfully.
- Current Market Share
How much of the current market are you actually getting? You will need to take a look at how your competitors are doing in order to know this one, but you will be able to see if you’re selling more or less than they are. This will also help you make changes to improve your market share.
- Bounce Rate
How many people are coming to your website and immediately leaving again? This is the bounce rate and it’s a number you want to keep low because too high of a bounce rate negatively affects your SEO. You want people to get to your website and realize that you have what they want. If they get there and you aren’t what they were looking for they’ll leave quickly.
You can absolutely be successful and you can absolutely reach more people. The key is just knowing what your business is doing now, so you can figure out where you want it to be in the long run.