As a business owner, do you measure your key metrics to help you understand your numbers to grow your business? It all starts with understanding and defining your critical number.
All businesses have certain numbers that define success. Some figures, like profit, are universal.
But what about other numbers? There’s certainly no shortage of data to measure – sales, costs, margins, cash – the list goes on and on. They’re all important, but what are the most important numbers for your business?
I have always loved the quote by Patrick Lencioni, ‘If everything is important, then nothing is’.
It’s crucial to bear this in mind when running your business. To truly excel, you need to focus and drill down on the few critical numbers that you need to measure and manage to ensure you are running a healthy and profitable business.
What is your critical number?
Your critical number is the metric that deserves a significant amount of time and attention. That’s not to say other numbers aren’t important, they just don’t have as big an impact on the fortunes of your business.
Most business owners have no idea what their critical numbers is, and no idea where to start – and that’s OK!
This is the reason why we have developed our eBook ‘Critical number – the key metric to business success’.
It’s a brilliant resource for all business owners as it details what a critical number is and how to determine yours, the importance of team input, and it also includes goal worksheets and testing mechanisms to get you started.
Click on the link below to download your copy.
How can Walsh Accountants help?
Tailored around setting and achieving your goals, our business advisors will work with you providing their skills, knowledge and expertise to help you to better understand your numbers and, in turn, grow your business to increase your profits and the value of your business.
We are in the business of business – we live it, we breath it, we love it, and we’re here to help you.
If you need help to ascertain your critical number, develop some meaningful KPI’s, put a system in place to monitor and measure financial performance, or anything else with the financial management of your business, our team can help.
Contact us today for a complimentary discussion specific to your circumstances.