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Importance of testing and measuring in business

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I have met a number of business owners who do not have a solid handle on the numbers in their business.  Here are a few examples:

  • They wait until the accountant files their taxes at the end of the year to know if they are profitable or not
  • Signed up to a monthly magazine ad but don’t have a way to determine if they are getting sales from the ad
  • Hire a new employee without giving them weekly key performance indicators of success
  • Do not have a mechanism in place to understand if their customers/clients are satisfied with them
  • Do not have a mechanism in place to know if their employees are happy and engaged
  • Do not have goals and a mechanism in place to track progress towards goals on a monthly basis
  • Do not have a process in place to attract and retain high performing team members

There are a number of areas you should be focussing on.  The financials, you and your people’s time, customer service, goals, sales and marketing, processes and procedures and your team team.  Without having a mechanism in place so you know this information, you are unable to make solid business decisions.  Some of you may have a number of these steps in place but likely not all.  Others of you may not have any yet.  This can feel very overwhelming so the key is to start with a couple areas and it is all about progress, not perfection.  One step forward is much better than no step at all.

About

I work with successful and emerging business owners who want to work less hours, make more money, reduce chaos, and improve their teams. I coach business owners to excel by learning to work on their business instead of in their business. Thus enabling them to take the business to the next level.