Have you ever heard the saying “If You Can Measure It, You Can Manage It?
When it comes to business, one of my good friends mentions this saying often and sometimes hands me an excel spreadsheet that I find more confusing than helpful.
“If You Can Measure It, You Can Manage It? is an old cliche with a clear message of measuring something gives you the information you need in order to make sure you actually achieve what you set out to do.
So is that all we have to do?
Measure something and it will magically happen?
Of course not.
When it comes to measuring the details of your small business or startup There are a few things you need to do to get on the road to success.
Not measuring your business progress and finances will lead you to certain failure!
Here are four things you can do to start measuring your business!
1. Understand the difference between a measure and a metric.
A measure is one quantitative number that counts something. For example; “We made $100,000 profit last quarter.”
A metric gives you more information because it compares the measure to some other baseline. Another example is “We made $100,000 profit last quarter, $50,000 more than the same quarter last year.”
2. Understand which tools you need to successfully measure your business!
There are many online and paper tools you can use to measure your business. However which one do you choose from.
One of my business-minded friends uses paper and runs her budget through her banking in a day planner.
The friend I mentioned earlier runs his numbers through Excel spreadsheets.
Quicken is popular however there are other tools you can access to measure your business. Some are free tools, and others may cost you money.
The point is to use want works more naturally for you, rather than not measuring at all.
3. If you are overwhelmed with trying to measure your business on your own, then consider hiring a friend.
One businesswoman, I talked with was running her business and experiencing much difficulty in managing her business due to the area of measuring and financial was not her strong suit.
Would this mean she should not be running a small business?
You can still run your business even though you may not be good at measuring or budgeting.
She was great at her actually niche business but needed assistance.
When she hiring a helper for measuring her business, her business then took off and became successful!
4. Get started today, and don’t wait for your business to measure itself.
Instead get it going and be alright with your initial errors at the beginning of measuring your business. Some business owners stop before they start. Don’t let that happen to you!
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Thank you for Reading!
Neil Saint Angeland