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Insights for Entrepreneurs

Benchmarking: How to Find & Track Numbers that Lead to Success

How to Find & Track Numbers that Lead to Success

A small business owner who doesn’t actively engage in detailed benchmarking might answer the question, “How’s business?” by saying that it’s good, or that things are slow. If all they’re tracking is revenue each month that may be all they can say about how the business is performing. More detailed statistics give better insight into why business is slow, alerting business owners to figure out how to get things back on track, or, if business is booming, to sustain the pace.

Here are a few guidelines on how to begin and how to make the most of small business benchmarking:

In business, numbers are everywhere. Tracking them, analyzing them and acting on the insights they provide make benchmarking one of the most reliable ways to improve the health of a business.

Do you track your metrics? Which metrics are most important to your business?

  • Shawn

    With so much data at your disposal, identifying what to track can definitely be challenging. Although it can be tempting to focus on web traffic or your number of social media followers, your business success will ultimately be determined by how your efforts are helping to drive sales. It’s okay to track the other stuff, but your primary focus should be on attracting and retaining customers.

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