Once the initial launch is complete, what’s next? How do you know if when you’re successful?
In this session, we’ll talk about some metrics that you will want to track. We’ll also consider ways to grow your business and some businesses that turned themselves around on the brink of disaster.
You should document every aspect of your business from the day it starts. Having solid numbers will tell you what you are doing well and where you need to improve. It can also help you plan for the future.
Here are a few benchmarks that every business should keep track of:
- Customer satisfaction ratings (typically broken down into satisfactory, neutral, and unsatisfactory)
- Downtime for production, sales, and/or service departments (as applicable)
- Website conversion rate and/or store traffic rates
- Response rates at each step of the sales process
- Length of each step of the sales process
- Statistics for all advertising and promotional campaigns
- Market reach
- Net and gross product profit margins
- Key financial ratios (see Session Eight for more information), including summaries of revenue and expenses
- Total staff cost
If you are a product-based company, you should also know:
- Number of units produced in a particular period of time (depending on the business)
- Amount and cost of waste produced (including rejects)
- Cost of current inventory