Benchmarking

The final success blocker is not benchmarking key success metrics in your business.
What is not measured cannot be managed. This is a critical axiom for our business.

What metrics are you measuring in your business? There several key metrics that every franchisee needs to be aware of and to manage in their business. Without accurate data, you will never achieve the level of financial and personal success you desire. Key measurable metrics are the number of sales calls, follow up calls, presentation, and new clients signed up.

Up to this point in time, not a lot of emphasis has been placed on gathering the data to create the metrics that can be benchmarked. The primary reason for not aggressively pursuing benchmarking in 2008 was because each franchisee had been focused on operational details and improving individual knowledge levels.

NOW ... 2009 is our Year of the Metric. In the next few months, you should begin to implement the ability to accumulate sales statistics, in order that this data can be assimilated into benchmarking metrics which in turn can be used as a decision tool to increase your client acquisition efficiency in the future. These metrics have three significant value touch points:

1. Enable you to make better decisions on a daily basis
2. Keep you focused on increasing cash flow
3. Create a bank of data and information for future valuation of your business

These concepts will be expanded on in the future.