Business Tip: Monday Meeting

Start every Monday morning off with a metrics review and action plan. Metrics are simply measurements of what is important to your business. Depending on the business it can be almost anything. Choose the most important things that contribute to the success of your business and measure them. For example you might measure: repeat customers, top 10 customers and how much they spend, number of new clients, number of prospects converted to clients (or conversion rate), income from affiliates, income from various products and services, subscribers to your ezine list, etc. You can record these numbers in a simple spreadsheet.

Update these each day or at least once per week, preferably Friday end of day or over the weekend. Then first thing, Monday morning, review these metrics. If you have staff, the review should be done with them. They each will have updated their own parts of the spreadsheet. You will be looking for what has changed, what is your progress, what is working well and what seems to be broken or lagging. For example, if you notice that all of a sudden you are getting double the number of calls from prospects as usual, figure out why. In your weekly action plan, set out actions to duplicate your success in this area. If you notice that no one is signing up for your ezine, ascertain why. Set out weekly actions that will correct this or get you back on track. If you notice your income is not at goal or above, then think of new ways to create more income. Add action steps for this week to make this happen.

Metrics are a gold mine of information about your business. And can be very motivating as well.

Do you keep metrics? What has it done for your business? Do you have suggestions for others around metrics? Add comments.

All blog content is copyrighted, all rights reserved, Mary Anne Fields and Life Unfolds, 2006