This Create PT Wealth YouTube clip focuses on the importance of tracking numbers in your business.
How often do you check in on your business? How often to you stop and look at the stats and figures and what’s actually occurring in your business?
If you’re happy to plod along day to day, week to week, year to year, and just hope that you make a good income, then this tip’s really not going to be for you.
If you are someone who wants to keep growing in yourself personally and growing your business, because that will be a direct reflection and happening at the same time, then our recommendation is that at the start of every month you set goals, targets and you’re very clear on what those objectives are. At mid-month, you stop and review those stats and have a look at whether you’re heading for the perfect financial outcome that you set, or whether you’re lagging behind. If you do it mid-month, then it gives you another couple of weeks to turn things around. What I used to fall into the trap with, many years ago, was just checking at the end of the month, and of course that was too late if things hadn’t gone my way.
So it’s very important that we keep a check on everything that’s happening with our business. and you only do that if you’re very serious about growing your business to the next level. It’s reviewing:
- your sales stats
- your conversion stats
- how many leads come in
- where have your leads come from
- what it’s costing you to obtain a lead
- how many leads are converting into clients
- the average dollar value of those clients
- how long do they stay with you
The reality is, if you’re not keeping up to date with the stats and figures of your business, it’s going to be very challenging to grow with real purpose and by your own momentum. Otherwise, if you’re not doing that, it’s just going to be left to luck.
So my tip for the day is: really make sure that you’re tracking your time versus income, you’re tracking yours stats, you are checking in regularly and making sure that you’re moving forward financially. And this can be confrontational. Some people don’t want to look at the stats because it says the wrong number. However, we can get past that. We can understand that if things aren’t going right for us, then it’s better to know now than wait until the end of the financial year, or further down the track when it’s too late and it’s out of our control.
Make sure you start measuring and tracking everything in your business. Do it effectively, do it consistently, and be consistent with it.