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Reinventing the Entrepreneur: Turning Your Dream Business into a Reality by MaryEllen Tribby

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Chapter 20

Measuring by the Numbers: The More You Know, the More You Grow

To run and grow your business, you need to know about all your key metrics. If you want to become a great entrepreneur, executive, or business owner, you need to face the facts. If you don’t face facts, you can’t grow your business.

The immediate reaction of most people is something like, “Ah, metrics. Ah, numbers. That’s so boring. I don’t want to have to deal with that.” If you’re thinking that, do you realize that you can measure almost every aspect of your success by numbers? If you look at your bank account and it has $10 in it, guess what? You’re not doing great in the finance arena. If you’re 5′4″ and the scale says 250 pounds, you’re not doing great in the health department, either. If you have been divorced eight times, the personal pillar of your life most likely needs some help as well.

As you can see, numbers are the key to understanding the success or failure of anything you do, especially your business. So key metrics are the numbers that help determine the health of your business not only for today, but also for the week, month, quarter, and year.

Daily Key Metrics

Every day, there are important numbers you should look at. That’s why we say key metrics. We don’t just say daily metrics; we say daily key metrics. Daily key metrics are simply the vital factors about the health of your business that you need to look at every day. The three daily key metrics and reports that correlate are:

  • Cash ...

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