2020 has and continues to be the year of one thing after the next.
Yes, this is the year of the Murder Hornet showing up in the United States. Who knew there was even such a thing as a Murder Hornet, and who knew we could be accosted by one right outside of our front door?
We haven’t had to wait until Halloween for things to get scary. It’s no wonder that anxiety is at an all-time high as we grapple with the fear of the unknown. In this era, one of the things we can do to put our minds at ease is to focus on the facts and what we actually can control. This is a technique that works in both our personal lives as well as in business.
According to Investopedia.com, metrics are measures of quantitative assessment commonly used for comparing and tracking performance and production. Simply put, metrics show whether a company has met its goals in a specific timeframe. Key performance indicators, or KPIs, are a subset of metrics allowing you to measure specific, critical areas of your business.
Metrics allow you to make informed, data-driven decisions rather than focusing on how things feel at the time. Just because something is scary, uncomfortable, and brings up feelings of anxiety doesn’t necessarily mean that your business shouldn’t move in that direction. Tracking the facts helps you make that evidence-based decision. Benefits of tracking metrics include:
1. Tracking financial performance: When you don’t have to guess, you literally don’t even have to face your fears. You can face your facts with actions that lead you in the direction to profit.
2. Recognize overall trends: These patterns help you to see what is and isn’t working and what people, all the way down to individuals are doing over time
3. Highlight the easy to miss: Most of us don’t like to be caught by surprise, and when it comes to business, that is particularly true. When you’re able to see issues that may normally go unnoticed because they seemingly blend in, your business may be able to increase both efficiency and productivity.
One of the things that have this year feeling overwhelming is the amount of information coming at us. It can be paralyzing to the point of sensory overload. This hinders you from moving even when opportunities to make gains present themselves. That’s why it is important to focus on the right metrics that actually have an impact on your company’s success. Popular metrics that reflect a company’s performance and growth include:
Net Profit Margin
Cost of Customer Acquisition
Qualified Leads Per Month
Lead to Client Conversion Rate
Monthly Website Traffic
As we continue to progress through the rest of this year on into 2021, it is as important as ever to focus on the facts in order for your business not to be stalled by fear.
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