Key to Meaningful Metrics

A number of years ago I decided to put a small amount of money away every two weeks. The amount was not much but over a period of years these small amounts grew into serious money. This money that has continued to grow over the years and now it is very meaningful. Yet, when I began systematically putting this money away, it was not noticeably missed and I want not even aware of not having those few dollars.

Systematic collection of statistics does not require a lot on a daily basis but over time these metric are more precious than gold. They are in fact your ticket to the pot at the end of the rainbow. However, small business entrepreneurs in general do not practice this is simple but critical function of data accumulation and measurement.

Now asked yourself, “In the last month, have I accumulated daily sales statistics? If so, are they in a reportable format? “

If the answer is “No”, you are putting your business in jeopardy. Without the ability to measure activity you cannot improve your selling process. Even more critical is that it becomes difficult to understand your successes and failures in the selling process.

Robert is going to be creating a dashboard of sales metrics. In order to keep this process simple, you will need to log on a daily basis (weekly will not do) the number of cold calls on the phone and in person, the number of follow up calls, the number of presentation and the number of new clients obtained and the projected revenue per client (best guess estimate). This data needs to be sent to Robert at the end of the week.

These stats will be accumulated and posted on a Regional Dashboard. From these metrics we will be able to begin to benchmark the type of selling activity that is taking place and begin to create standards that are needed to obtain a new client. From this data we can begin to measure activity which in turn will enable sales to be managed and improved.

I will be giving you each a call to discuss this tactic in the next week.