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We all know the statistics on the startup failures. We all know business owners who have started businesses that are barely paying the owners a living wage. What separates those kinds of businesses from the ones that generate revenue, make healthy profits and allow the owner to prosper?
Metrics. Well, the proper interpretation of the metrics. In this episode we will look at the most meaningful metrics for startups - no matter where you live. We will also look at KPI’s and how to customize both.
Tune in to the metrics on your dashboard that allow you to steer clear of pitfalls and pivot to leverage your industry’s opportunities.
Have a great business week.
Learn to build out a dashboard with metrics and KPI’s that you can easily access, analyze, and act on. These metrics will help you:
Why are metrics important? What are founders supposed to get from metrics?
What You Need to Know
You need to know what metrics are. You need to know what KPI’s are, too. Then, you need to know what it means to customize and where to best find the customization strategies to develop meaningful metrics.
What You Need to Do:
Here are the steps you can take to develop your dashboard. You want it to contain the most meaningful metrics and KPI’s.
Check out these resources:
Teddy Roosevelt in his famous, “Citizenship In A Republic” speech given in Paris, France April 23, 1910: https://www.mentalfloss.com/article/63389/roosevelts-man-arena
“34 Types of Startup Metrics To Measure (With Examples)”
12/6/19, Carl Potak
AARRR (Startup Metrics)
Dashboards For Dummies, Jan 26, 2020, Scott Lenet
Pyramid Analytics, July 16, 2019 https://www.pyramidanalytics.com/blog/details/blog-why-your-business-need-key-performance-indicators
Stephen Covey, 7 Habits of Highly Effective People
Karola Karlson wrote in “12 Business Metrics that Every Company Should Know” https://www.scoro.com/blog/12-business-metrics/ that there are 12 metrics
Shortform: Pivots in Startups: Every Pivot Type, Explained, Allen Cheng, March 18, 2020https://www.shortform.com/blog/pivot-startup-definition/
Consider using a system like the 12 Week Year, by Brian Moran.
Previous Show: Episode A1.009 Business Deductions
Next Show:Episode A1.011 Your Next Steps
Written by Wendy Dickinson
* I am not a CPA and the recommendations given in this show do not constitute legal or financial advice. Seek professional advice for all legal and financial matters.
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