Why You Need to Know Your Business Numbers

Learn why you need to know your business numbers

Are you ready to take your online business to the next level and watch some explosive growth unfold over the coming months? Great. Before you start to plot and plan what you want to do to make that happen, it’s important to stop and look at where you’re at right now.

Business planning for future success is all about data. You can work more efficiently and spend your time and money more effectively if you know exactly where you are starting from. By recording data, you can start to see what’s working, what isn’t, and what trends are starting to play out. And it all starts with recording where you’re at right now.

Before you start to record your numbers,  you should decide how you want to record this information. You can write it down by hand in a notebook, open up a word document to do it digitally, or use a spreadsheet. I like to write my numbers down by hand.

Now, what are some of the things you need to keep a record of?

The Numbers You Need to Know

Traffic

To grow you need to expand your reach. That means getting more traffic, but also engaging the people that come to your site by encouraging them to click around and read more. Good things to keep track of are total visitors, unique visitors, bounce rate, and of course where the traffic is coming from.

List / Subscribers

Your next goal is always to get these people on your list. Here you want to track total number of subscribers, conversion rates for each of your opt-in forms and pages, open rates for your emails, and also unsubscribers. As you start to collect and review this data regularly, you’ll get a much clearer picture of your subscribers.

Clients

Subscribers are great, customers are better. Start by keeping track of how many total customers you have and how many purchases per day, week, and month. Other good numbers to look at are total lifetime value of your average customer, repeat purchases, and refund rates.

Income & Expenses

Last but not least, look at your bottom line. This is your typical accounting data. You want to keep track of your income as well as your expenses. With those two sets of numbers, you can easily calculate your overall profit.

Yes, you can look at most of this data in various different places like Google Analytics, your shopping cart, and your autoresponder service for example, but it’s important to have it all in one place. This makes it much easier to connect the dots and see the relationships between the different sets of numbers.

Now that you have your initial data collection set up, make it a habit to update the numbers regularly so you can see what’s working, what isn’t, and how much you’re growing as you move through the coming months and years.

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Learn which business numbers you need to keep a record of.

4 responses to “Why You Need to Know Your Business Numbers

  1. This is an excellent list for tracking. Even though there’s always SO much to do, I can certainly see where I need to direct my attention, one area in particular. Thanks!

  2. Beautiful blog, Paula! We all know that numbers are important, but with so much data thrown at us in website traffic reports, mailing list reports, accounting software reports and the like, it can be difficult to know which ones are most important.

    You chose a smart topic to write about!

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