You Manage What You Measure


One of my favourite bosses worked by the motto “if it’s worth doing, it’s worth measuring”. When I whined that something just couldn’t be measured, he would say, “There’s always something to measure.” And he was always right.

It’s an important concept for small business owners. Having a set of metrics that you watch and that you feel are the key drivers of your success, helps you keep clarity. If you don’t have goals stated for your company, and if you don’t regularly measure how you’re doing against those goals, you won’t have your resources focused on the right priorities.

The more public you can make your goals the better. Transparency of goals drives performance because it creates both a commitment and a sense of urgency. Commitment and urgency are key drivers of success.

People often measure the wrong stuff, or measure with the wrong precision (either too high-level or too detailed). There is no ‘one size fits all’ approach but there are two pretty universal measures:
Customer Acquisition – new, lost, average sale, cost to acquire, etc.
Revenue Metrics – especially trends

The ‘how’ of implementation will vary among companies and figuring that out can be a challenge, but I guarantee that you will learn more about your business and be in a better position to make strategic decisions.

Originally published in Work Better, Not Harder on November 30, 2011

 Click to Tweet this Article

Comments

Post a Comment

Popular posts from this blog

3 Reasons Why Businesses Should Be Podcasting

Image
(guest post by Mike Tanner) To suggest that I’m a big fan of podcasts would be… a bit of an understatement. In addition to being the host of 3.5 podcasts (it’s a long story), I provide podcasting consulting, speak on podcasting panels and once had a dream that I was the host of a potato chip podcast called “Chip Off The Old Block” (That podcast should be coming out in the fall.) I started podcasting because I enjoyed it. But what I’ve discovered about podcasting as it relates to business has left me realizing that I made the absolute right decision when I decided to start broadcasting my thoughts on an audio medium. So here are three reasons why businesses should be podcasting. Passive Advertising I am a big fan of social media advertising. The targeting options available on major platforms are outstanding and things like analytics and retargeting make it a no-brainer to use social to promote your business, whether that’s through the use of paid ads or just a solid soc...
Keep reading »

Quick Tip - Avoid Hidden Format Problems

Image
When you're inserting content into your newsletter, website or blog, you're often copying it from other documents.  I suggest you always compose in Word (or similar) to take advantage of its spelling and grammar-checking functionality. Your formatting in Word may not be the same as your default formatting in these various applications.  While there are a raft of applications that make it easy now to do your own newsletter, website and blog, most of them are converting your content to html code in the background.  When you copy in text that is already formatted, you're possibly creating problems behind the scenes .  As well, you'll end up with differing fonts and sizes that all have to be corrected before you publish. You can avoid the potential for problems by stripping off all formatting before you paste into the application.  An easy way to do this is to use Notepad (or similar).  You simply open a blank notepad document, paste your con...
Keep reading »

Home Office Holiday Party

Image
In preparation for our office party this year, I wrote a poem. Then I gathered together the things I would need to have a party with Romeo and Danielle. (The Temptations were for Romeo, the phone for Danielle, and the coffee for me.) Romeo, my cat, is used to hearing me talk out loud as I proofread and he was unusually excited about hearing the poem. Danielle, who lives several time zones away in Saskatchewan, also works alone (and helps me out lots) so I invited her to my office party by phone. It was a good move because she's a master at rhyming words. After much anticipation, I started to read the finished poem aloud to them. As you can see in the photos above, I had their full attention. Ode to a Midnight Blog Silent night, late at night, I've still got my blog to write. My laptop propped up on my bed, I'm hoping ideas will fill my head. Yawns escaping, eyelids drooping, Neck is stiff, my thoughts are looping. My brain is sore, I th...
Keep reading »

No Love from your Newsletter? Here's Why

Image
"My newsletter isn't doing anything for me." Over the years I've heard many different versions of this same sentiment, usually accompanied by a big sigh. A month or so later, the newsletters stop. A newsletter does not make a marketing plan. And sending out a newsletter is only a small part of a content marketing strategy . To be successful, there are other related things you need to be doing. Here's a checklist to help you identify what actions to take to improve your results. If you're not doing these things, that's why success is eluding you. Have a sign-up form on a landing page you can promote (i.e. with its own url) so you can actually get complete strangers as new subscribers. Promote your newsletter on social media, your blog, your website and everywhere else, including not online. If you don't actively build your list, it will stagnate. Actively share your newsletter issues on social media multiple times to extend your readersh...
Keep reading »

7 Tips for Communicating Details by eMail

Image
Email is an ideal way to communicate details , such as meeting minutes, action lists, project updates, instructions, reference data, decisions, event info, checklists and much more. Sending previously prepared information is a snap - just attach, or copy and paste. When I started specializing in enewsletters, I quickly discovered that there are a lot of details to discuss and make decisions about. Some clients like communicating by phone and others by email. But for some of this detailed communication, email is definitely the best method regardless of preference. It allows me to standardize the process, provide checklists, track action items, explain complex ideas, show examples, and document decisions. Here are some tips for communicating detailed information by email: Strive for clarity. Be brief, but not to the point of leaving out relevant information.   Use point-form numbered or bullet lists. This makes it easy for your reader to mentally check things off, or to ...
Keep reading »

Old Tech for New Content Ideas

Image
File cards - yup, I've been walking around with a few in my purse, wrapped in an elastic band. File cards are fantastic for catching your great content ideas , and here's why: Small size - less space than a notebook and no bigger than a cell phone Entertainment - can keep you occupied while on the bus or waiting at a coffee shop Transportable - featherweight, fits in your back pocket Skins/cases are cheap - you can change the colour of the elastic band whenever you want Expandable - easy to add notes or do a quick outline Customizable - different colours, lined or unlined, different sizes, add star stickers to your best ideas Recyclable Plus they enable creativity . When you're frustrated, throw them up in the air. Examine how they land to see unexpected connections. This is a tactic of Sue Grafton's private detective Kinsey Millhone ... and it works for content, too. Click to Tweet this Article
Keep reading »

This Simple Tip Will Improve Your Writing... and Your Confidence

Image
Sometimes it's hard to heed my own advice. Even when I know this particular piece of advice is perhaps the most important when it comes to creating content. I can give you a number of tips to help you write better articles. But there is one simple thing you can do that can really improve the quality of your work, to make your content more useful and interesting. This tip is particularly ingenious - are you ready for it? Prepare your content over two separate sittings , preferably on two different days. It's a simple concept but often not so easy to implement with deadlines looming . First sitting: do an outline research if necessary write a draft Second sitting: review and edit your draft add appropriate links to past articles run spell-check and proof (read aloud if you don't have a proofer) Coming back to your writing with fresh eyes will almost always result in improvement. Because you are taking extra care to craft your messages, you'll feel mo...
Keep reading »

eMail Marketing - Back to Basics

Image
There are so many things to consider and details to look after when it comes to email marketing that the big picture can easily be lost. Here is what small business owners like us always need to keep in mind: #1. You want your subscribers to be from your target market , or have influence with your target market. #2. To get and keep those subscribers, your content - whether it's articles or advertisements - needs to be interesting or useful to your target market. Let me repeat that: your content is for your target market. Which means it's not about you - and doesn't even have to be about what you do . If you are starting out, before you think about what you want to include, first think about what your subscribers would want. If you can find an answer to this question, you've got it made: What can you give your target market that they can't get anywhere else? Click to Tweet this Article
Keep reading »

Reducing the Noise

One problem with the current social media soup is the high noise to relevant signal ratio. The most effective way to deal with this problem is to find accepted and popular experts in your field of interest and subscribe to their feeds. This will lead you to relevant online communities from which you can find and share pertinent advice and draw new customers. This approach will work much better than broad monitoring of many social media services because it will greatly reduce the noise you will need browse and therefore, the time you need to spend building your online reputation. Click to Tweet the Article
Keep reading »

The Wrong eMail Marketing Advice

Image
These questions about email marketing should never be answered, “It doesn't matter.” When is the best time to send my newsletter? Do I need a sign-up form ? Where do I put my sign-up form? How often should I send my newsletter? Should I use a free bulk email application ? How do I get email addresses for my list? Where can I get images to use in my newsletter? How do I look at my statistics ? How long should my newsletter be? What about social media posting? These are just a few of the things you'll need to know and decisions you'll have to make when you start your own enewsletter. The answers to these questions can have a significant impact on the success of your campaign . Don't let anyone tell you differently. Click to Tweet this Article
Keep reading »