Let the metrics do the talking
Speak to expert business practitioners from ThinkSynq to understand and manage the most common metrics problems for a business owner.
As a business owner, your most important concern is knowing how well your product or service is performing. And the only real way of doing that is by tracking metrics, analysing data and crunching the numbers. But you might be wondering, “Where do I begin?”.
How does a business know which metrics to track? And what are the best methods to track these metrics, and make them add value to your business? Is it the overall sales revenue? Or perhaps is it the net revenue margin? Or maybe should it be customer retention?
The real answer is all of the above. And then some! Any profitable business knows that tracking the right metrics is a key element of a business strategy. Additionally, a well-rounded tracking system takes multiple items into consideration, thus giving you an updated real overview of the business. Not only do metrics help you manage your business well, they also help chart a clear growth plan for the future, thereby avoiding the most common pitfalls that businesses face today.
Some of the most common metrics that businesses track are sales revenue, net and gross profit margins, customer acquisition costs, operational productivity costs, and overhead costs. However, you cannot ignore metrics like customer churn, inventory size and hours spent for each process, customer loyalty and retention rates, lead time response, net promoter scores and many more. In fact, while one set of metrics may remain the same across businesses, newer organisations are tailoring their tracking methods and components to stay current in volatile market situations and to ensure profitability and sustainability.
Not knowing what questions to ask can lead to not knowing the answers, which in turn makes planning and profit a tedious affair. And this is where the ThinkSynq team steps in. A group of business strategy experts can help you better understand the market in which your product or service is operating, and help you set up the right metrics to track growth, profitability, sustainability and future expansion plans. In a word, we provide answers to questions you may not have thought of yet, because any profitable business, after all, is all about knowing the right metrics and getting those metrics right!