How to Check the Pulse of Your Business
No matter the stage of your business or how busy or slow things are at the moment, it’s always a good time for a check-up. Periodically, you have to check the pulse of your business so you know what is working, what’s not and determine how you can grow effectively and efficiently.
Select your KPIs
Part of checking your pulse is figuring out your KPIs. A KPI is a key performance indicator. You want to get clear on the KPIs you want to measure to keep track of these consistently. Your KPIs shouldn’t change too much during the process and growth of your business, but having the same markers, each check-up will help with adequately measuring your progress.
What to Measure
You are going to want to measure the stats that indicate your business growth, such as income or client retention. Include relevant statistics for your industry as well like monthly recurring revenue, churn rate, social following, web traffic, etc. Don’t forget to include an expenses break down! As your business grows, this number may increase too. Keep an eye on this!
When to Measure
Sticking to a monthly review is a good rule of thumb. If you wait too long in between check-ups, you can miss critical errors in your numbers or have to backtrack on mistakes made weeks ago. Get ahead of everything and keep up with this practice. Set a recurring calendar date and stick with it.
How to Track It
An excel sheet or graph chart is a great way to see your progress over time. I have created a template for this exact purpose in my Systems for Scale course! It will help you get your progress outlined and tracked properly.
Keep a record of numbers in the same spot as opposed to new documents each time. Easy to keep up with it all! Make sure to check out the progress tracker within the Systems for Scale course too! There are a ton of additional resources in there to help with all things business and growth.
Get a date on the calendar within the next few weeks for your business check up! Be sure to budget a reasonable amount of time for your first round of this. Over time you will get the process down efficiently so it won’t be a huge deal each time you need to update those numbers.