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This is the fourth in a series of ten episodes about building better business Abs and strengthening your business core.In this episode we will discuss the importance of measurements and metrics.
Control of your business operations is essential to generating the profits and cash flow that will keep it running. We discussed the importance of generating revenue in our previous podcast.
A well-run operation provides the springboard for growth and extrreme business success.
How do you create such a well-run operation? One of the Core strengths is being able to measure Identifying the key organizational issues and making sure that there are systems in place to monitor, measure and assign accountability is a key to building this core.
What are the proper metrics and how are they used?
To begin with, conducting an honest, objective and thorough review of your business operations will set a baseline. From this starting point you can now compare where your business has progressed (or not).
Making sure your measurements provide the information that can lead to better decisions is crucial. Your measurements cannot just be numbers, they have to be directly relatedable to a "why" factor. Why have things changed for the positive, negative or not at all.
If you can't measure it - you can't manage or improve it. And be sure you are using the correct yardsticks. You might be missing important information by using the wrong tools.
Suggested Reading for this podcast
"Start With Why" - Simon Sinek
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It's good to talk.