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Measuring Your Business

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Measuring Your Business And Its Success

chris iredale, thriven business growth coach for mmb magazine west yorkshire leeds and huddersfield  By Chris Iredale – Thriven

What gets measured gets managed and improved

OK… so you’ve designed and built your business from scratch. Started out as just an idea, next you developed a prototype to test the market and then you jumped in and started trading! You made a few mistakes, had some wins, had some luck, made a few adjustments and refined your business model along the way…
So… why did your business grow?
Do you actually know your winning formula?

Knowing your business numbers… not just your feelings!

Consistency and accuracy are vital to leading and managing a successful business. No matter the size of your organisation, it is essential to see the key metric indicators to gauge the performance of all your business functions.

Often smaller business can grow quickly and do not put systems in place to collect and report key data. Conversely, larger companies often have silo reporting in each department and not connecting the whole business picture.

PLCs, SMEs, micro business and consultants will all benefit from implementing centralised data reporting.

Business leaders cannot rely on P&L data, this report is after the event and is too late to make adjustments.

Neither can they rely on emotional assumptions, collective team opinion or perceived market forces or emotive intuition and egos. You really need to know your numbers to make logic based decisions.

Why does a business need data dashboards?

With live data dashboards you can react and change the future.
Just as with driving a car. Dashboards give real time feedback to the person in control allowing response to the information delivered…
I need fuel, I need oil, speed up or slow down…
You trust the info and respond accordingly to keep safe and on track.

It’s exactly the same for running your business.

Create a simple data dashboard to monitor high-level strategic data for your complete business. This also allows you to monitor your business where ever you are.
We recommend 10 to 15 lines of data across all key business functions.

Your business data analysis

Collect, review and record your dashboard data on a weekly basis.
It will help you keep check of the momentum of your whole organisation. You will quickly identify issues, predict developments and react when things are off plan.

By tracking these numbers you have the ability to see patterns and trends to help predict the future. Which measured activities are on plan or off plan. This creates focus for clear direction and increased productivity.

You can now take FACT based effective actions.

How Data Driven are you?

Click here to take our complimentary test now

chris iredale, thriven business growth coach for mmb magazine west yorkshire leeds and huddersfield

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