Are you flying blind with your business? Or are you focusing on too many results, so you are unsure if you are going in the right direction?
Measure Business Growth with Purpose
I've focused on growing my business this first year, and like you, I've been trying to learn from others who have had success. Some of the examples are good, and some not so good.
I recognized very early that I have to take a measured approach to all the advice and good intentions from well-meaning gurus and resources.
I've always paused and trued back to what my business objectives have been before following the advice of others.
There are a couple of things that I've stayed true to believing and doing:
- Living Blessed Planners is my vision and not anyone else’s
- My business and I are both unique and not a carbon copy of others
- My business journey is my own, and I own the decisions on what course I choose to follow
- I’m determined to enjoy every moment of it
- When something does not feel right that takes away my enjoyment of my business, I remove it.
With my foundation set, I knew that measuring my growth was essential for my business. So I needed to determine my metrics when I started and not wait until later after starting my business.
Growth for me is not about the number of followers or subscribers. I know that these numbers can be misleading.
Here are my growth metrics that I review monthly to determine if the work I've put in is delivering on what matters most:
- Revenue month by month – I’m a startup, so am I getting close to break-even and making a profit. At the pace I’m going, I anticipate being profitable by EOY.
- Sales count number of planners or workbooks sold – Cross-sells (am I getting more bang for the effort with sales. 1x per customer, or am I increasing to 2x items per purchase. For the types of products I’m selling, do I need to target or change marking to support or increase a sales approach?
- Unique site visitors per month – Am I getting new people to visit my online store. It helps gauge the effectiveness of my marketing and how I can generate more traffic to my website.
- Social Media Reach – All about the algorithms of the various platforms. Is my content engaging enough that people are engaged and so that my reach will grow and social media platforms will deliver my content to more people? Exposure to my business.
- Social Media content interactions – Is the content I’m sharing attracting more people who will engage with my content.
With this approach, I’m focused solely on the metrics that matter. I’m making solid business decisions on my direction, and the time I’m spending on the things I need to complete for my business.
I’m not flying blindly or over-complicating what I’m focusing on so that I’m aligned to my business objectives.
What Do you Think?
I’d love to hear from you: comment below on what metrics are essential for your business.
“And sow the fields, and plant vineyards, which may yield fruits of increase.” Psalms 107:37