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Tracking your Numbers

26th Nov 2014

Are you tracking your numbers? Tracking your numbers is vital, especially if you're in retail. There are certain figures that will provide an accurate picture of how your business is performing and by tracking these numbers on a regular basis you can measure how well you're doing. These figures are known as Key Performance Indicators or KPIs for short.

There are certain figures that every business must record on a daily, weekly or monthly basis, preferably all three. I have specialised in retail, although every business in every sector should look to track key numbers to analyse how it is performing. In retail, my key numbers are things like sales, customer numbers, average spend and wages to turnover to name a few.

By tracking these key numbers on a daily, weekly and monthly basis, I'm able to instantly compare the performance of my business on historical records such as the previous week, month or year. It's vital that you have some kind of POS or software system in place that can track these figures  and it is advisable to automate this system as much as possible. Tracking these numbers must become second nature to you, you must focus on your numbers.

It's one thing tracking numbers, but another understanding them and taking action on them to drive your business forward. These numbers can literally take your business to the next level. By determining the key figures in your small business and focusing on them you can drive both sales and profits.

Once you have identified your KPIs and have a good understanding of what they mean, you are ready to  start making things happen, all you have to do is move the numbers. By creating systems within your business that allow you to drive your KPIs, you will see some fascinating results.

So by figuring out your Key numbers (KPIs), putting in place a system to track your numbers, analysing them and then moving your numbers, you can send your business into overdrive. I'm releasing a detailed video on 'tracking your Numbers' for my 'Small Business Club' members at the beginning of December. If you're not yet a member, you can sign up for an annual subscription now, just Click Here to sign up.

If your small business is in the retail sector, I really can't tell you how important it is to track your numbers. If this is something new to you, then I highly recommend you sign up to my Small Business Club, a small percentage shift in your figures will pay for your annual subscription in less than a month!

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