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Things You Should Always Be Tracking In Your Business

When you run a business, you really take on quite a lot of responsibility, and although the idea is that over time you’ll hand off tasks to other people so that you can focus on doing what you’re best at, it’s still important that you know what’s happening behind the scenes.  The responsibility still ultimately lies with you if anything goes wrong.

Plus, it’s always good just to see how you’re improving in your business so that you know what needs to be done going forward to keep getting better and also what you can potentially let go of.

In this post, we’re going to share with you some of the main things you should be tracking in your business so that you’re always aware of what’s happening and to help you avoid feeling overwhelmed and stressed.

Income:

Although the main reason for starting your business is not just about making money, it’s just a fact of life that if you’re running a for-profit company, then you won’t survive for long without bringing money in. If there’s one metric you should be tracking then it’s definitely your income.

How you do this really depends on your own personal preferences and the systems you find easiest to work with. It’s always recommended that as soon as possible in your business you should hire an accountant to manage this side of things for you as it really will make life much easier going forward.

Expenses:

Whether you run a business from your laptop working from home or you run a large company with multiple team members, you’re going to have expenses that you’ll have to account for each month.

You might rent an office from a company like Stelmain and have associated expenses from that, or it could just be technology costs such as your email marketing tools. It could also be that you have a set monthly marketing and advertising budget or costs associated with hiring staff and outsourcing.

No matter what expenses you have in your business, it’s important that you keep track and stay on top of them just as much as the money that’s coming into your business.

Growth:

For the purpose of this post, growth can really apply to any area of your business that feels relevant to you. So, it can be with regards to tracking your social media growth, your customer growth or simply how your company has grown from the start to where it is now.

When it comes to tracking your growth, again, there’s no right or wrong way, but simply what works for you and what you find easiest to do in terms of the systems you implement and what you find most important to track.

This is also something that will change as you grow, so for now you might just be focusing on the growth of your blog, email list or Facebook page, and as you continue to see momentum you’ll add other areas in to measure.

Engagement:

Especially when it comes to marketing your business online and using social media channels, then your engagement rates are a crucial metric to be tracking. It’s all very well and good to have thousands of people like your Facebook page or a 10K strong email list, but if those people aren’t actually engaging with you and interested in what you have to say with your content, then there’s a disconnect somewhere that needs to be fixed.

Tracking your engagement isn’t something you need to be doing daily, but it’s definitely something you should get into the habit of regularly monitoring. All email marketing tools will give you this data within your dashboard so it’s easy to see who’s opening and clicking on your emails.

With things like social media, both paid and organic enagement engagement can be tracked from within your Facebook page dashboard, and this is now being rolled out for Facebook groups, so it’s easy to get this information when needed.

Conversion Rates:

Of course, the big metric when it comes to marketing online is ultimately about who’s converting and becoming a customer or a subscriber and entering into your sales funnel in one way or another.

Just as you can measure your engagement levels through email and social media, you can measure your conversion rates, and often these metrics can also be found from within one dashboard such as Zapier to have everything integrated.

Measuring and tracking the important metrics in your business really doesn’t need to be complicated and it certainly doesn’t require fancy tools or software. It’s simply about focusing on the areas that you want to grow and making sure you have a simple system for checking them on a regular basis.