Entrepreneurial Management

There are vital measures that you have to track to assess the health of your business. You want to start with three main measures. You need to decide what you want to measure and how to measure it, then make sure there are reports you can look at each week.

At The Life Coach School we look at the financials for the business once a week. We look at:

• Revenue compared to goal for the year
• Profit numbers
• Tax savings
• Marketing spend

If we are not on track, we step back and see what isn’t working and then start taking action to correct it.

We also look at the stats and measures for each of the products we’re selling. For example, we just launched a new product called Entrepreneurial Bookkeeping, and our goal was to sell 500 within a certain amount of time. We were able to see how many we sold each week compared to the goal and then make adjustments and decisions to help meet that goal.

Many people keep their stats private and it’s not useful. We show our team the stats of the business so they can keep score and see if we are winning. You can’t go to your employees and say, “Hey, this isn’t working. We need to change this,” if you aren’t tracking and looking at stats.

You may be afraid of numbers and looking at reports. You will think you aren’t meeting expectations, but this is all just math. Keep it simple, pick one or two measures for each product. Track your revenue and profits numbers. We recommend you share these measures with your team and look at it all once a week.