Business can sometimes fell like playing a game of baseball in the fog, especially when you’re not tracking your goals or your numbers. In the fog, you can’t see past first base, where the hits go, or even read the scoreboard. This lack of information makes the game challenging because nobody knows how they’re doing or who is winning or losing. Without knowing the score, what’s the point?
That’s why it is important to measure what’s important to you. You know the old saying, measure twice, cut once. Paying your bills, invoicing customers, and keeping your checkbook balanced isn’t enough to get ahead or be the best at what you do. In everyday life, you measure your weight, blood pressure, the Dow Jones average, who won the football game last Sunday, or the dollar amount on your paycheck. What measurement indicators will tell you if your business is on track, serving your customers, achieving your goals, building wealth, or enjoying your life?
Aim at what you want! Start with what you want to accomplish. The number one stress business owners experience is from not knowing where they’re headed. What do you want and where are you headed? Next, how will you achieve your goals? If you depend on hard work to deliver what you want, you’re going to be disappointed every time. Then set up a measuring system to keep track of your progress towards your targets.
For example, if you want to increase your net profit margin, there are many things you can do. You can lower your overall cost of doing business, increase your sales, or charge a higher price for the services you offer. At first glance, most business owners focus on cutting costs. This is futile and won’t work over the long haul. With lower expenses as your solution, you won’t be able to hire better people, add more services for your customers, do the little things that make customers want to give you more work, or help you reach you ultimate goal of more time off or freedom.
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