Defined Metrics For Managing Your Business | Business Metrics - Financial Metrics

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This video is all about defined metrics for managing your business but also try to cover the following subject:
-Business metrics
-How metrics affect the business operations
-What are Business Metrics?
There are several metric types you need to define – here are just a few, Financial, Customer, Process, and People.

Here are some KPIs that you should consider:

Financial Metrics
Financial metrics include all of the numbers. Your Profit, Cost: Actual Revenue Vs. Target, (comparison between your actual revenue and your projected revenue), Cost of Goods Sold, and Day Sales Outstanding (DSO) or how quickly your receivables are being collected and paid, Sales By Region, and Actual Expenses Vs. Budget. These KPIs will show you how you stack up financially--but are just part of the story.
Customer Metrics
Your clients are your business. To track your customer KPIs consider the Customer Lifetime Value (CLV), Customer Acquisition Cost (CAC), Customer Satisfaction & Retention, Net Promoter Score (NPS), and Number Of Customers you have. Measure conversion ratio on leads to actual client/customer, average sale or transaction size, and cycle time from lead to close. Measure these regularly and set goals for improving performance.
Process Metrics
How is your process? You can track process success with Customer Support Tickets, Trouble Ticket Completion Rates, and Percentage Of Product Defects.
People Metrics
Your team matters! Track your team’s health with KPIs such as Employee Turnover Rate (ETR), Percentage of Response To Open Positions, Employee Satisfaction, Individual and Team Performance Metrics, and Recruitment activities.
These are just some of the metrics you need to not only measure but report upon and build strategies to improve! While it may seem overwhelming, once this becomes part of your process, you will find greater clarity and improved results because tracking these allows you to monitor trends and identify gaps when you spot exceptions in your trends.

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