How do you monitor business growth and set achievable goals?

A couple of things: 1. Define the North Star metric. What’s the one metric that is important for you & the business. 2. Have a check metric - mainly the retention metric. Suppose your North Star metric is revenue. However you shouldn’t just chase the revenue mainly at any cost. What if the CAC is high or churn is unbelievable

To monitor business growth and set achievable goals, focus on key aspects: 1. Define KPIs relevant to your business 2. Set specific and measurable goals using the SMART framework 3. Regularly review and analyze financial statements 4. Conduct SWOT analysis to identify improvement areas 5. Gather and act on customer feedback 6. Benchmark performance against industry standards 7. Utilize data analytics for insights and decision-making 8. Track and evaluate marketing efforts and adjust strategies 9. Seek external expertise for guidance 10. Periodically review and adjust goals as needed Monitoring business growth and setting achievable goals is an ongoing process.

Take the example of a burgeoning e-commerce startup. In its initial stages, the primary focus might be on customer acquisition numbers and monthly revenue, as these metrics are crucial for understanding market penetration and cash flow. However, as the business matures, other metrics come into play, like Customer Lifetime Value (CLV or LTV) and Customer Acquisition Cost (CAC). The startup's founders or leadership should regularly review these and other important metrics, adjusting goals and strategies based on their performance against these key indicators, allowing for nimble responses to market changes and informed decision-making for sustained growth.

Tracking business growth is like following a map on a road trip. First, define your goals - money, happy customers, or something else. Then pick the right measures, decide how often to check, and make sure they matter. Keep it simple and stay on track!

In my experience it depends on people who really want to live vibrant aging lives. How many people find it hard to change? 90% or higher. Do they know that 40% have a slow gene? For people who wonder why they are hungry all the time, feeding your methylating genes will help

One thing tool I've found useful is Airtable. You can easily connect Airtable with other apps so you don't have to manually update data. Also, Rows is another helpful option. Make sure you pick something that it's easy for you to use. At the end of the day, I often use Google Sheets because it's simple and accessible.

Dashboards and simple visualisations are critically important. Reports must be simple, cognition friendly and aid decision making. I have seen too many teams use reports that are nothing more than data dumps. Thats not helpful. For small businesses, getting the data into tools like Airtable or Notion is useful. You can then create the views and filters that you want for easy to understand, actionable reports.

Spreadsheets are great for tracking your performance data for the purpose of trending and analysis but if your daily or weekly metrics require a spreadsheet to capture, you have way too many! The Dashboard is the most effective method I have used to track and display key metrics that are directly linked to your objectives. The point of having a Dashboard is to quickly and effectively communicate to your team and management how you are performing in a given period of time against your current and longer term objectives. Ensure that your metrics include both leading and lagging measurements to ensure you can correct course if you are trending away from targets.

At the company level having a dashboard is vital to allow the key decision-makers to drill down into the granular detail. Power BI is great at this. Spreadsheets are great but are 1 dimensional and this can lead to poor decision making. Don't forget that many entrepreneurs would argue that data should only be a reinforcement of what you should already know. While this in itself presents limitations the essence of the argument holds some credibility.

Some great way here is to employ AI solutions (such as Ritmoo.ai) for the decision making, goal setting and tracking goals. While working with remote teams, it is essential to ensure smooth goal setting, tracking and decision making for the teams to be high achieving and engaged.

Ah. The process is documented in my course. The tools are there. Don’t need a strategy, just need to learn how to add one food, remove a food that doesn’t work and keep going

Regular timeouts to review and benchmark are important to make sure your business is on track. What this looks like is down to the owner/manager of the business. What is vital is that everyone understands what the purpose of the data is and the actions that can be derived from it. Analysis paralysis is definitely an issue in some firms that I have worked with so don't get sucked in by having too may reports.

I like taking the dashboard data from more regular activity updates to feed a spreadsheet for trending and alignment to objectives. This gives you an accurate view of progress toward end period objectives (on track, off track, recoverable?) and the ability to ensure that your key metrics are, in fact, driving the outcomes you are measuring. Trending data between periods can very easily reflect whether changes in activities and process are making a difference in your daily operations towards your objectives. At reporting time (e.g. month end) it is a great opportunity discuss key challenges and wins so you can make changes for the next period or reinforce what is working well.

Telling my story is the next step. How I overcame a death sentence to thrive to help others. Speaking is the avenue, and publicity is the next step.

SMART objectives are great but the detail behind them is what makes a plan deliverable. The example used of increasing revenue by 20% by the end of next year is not that SMART. It is a statement that ignores the "Achievable" element. In my experience, this is not uncommon, especially from shareholders and/or Boards. As always the "How will you do that" element is what allows you to assess whether it is realistic or not.

90 day goal setting has made a big difference to our business. It is long enough to get some bigger things done but short enough to keep focus. Our rules are the goals must be non day to day tasks and they need to be projects, the ones you keep putting off. The second rule is that we are each only allowed to pick 2-3 max. Less is definitely more. Try it. We have got a lot of important things done that we kept putting off. J

No it was just me experiencing the steps and the changes that took place to finding my health during and on the other side of menopause. Helping my 80 year old friend lose 115 pounds, curing her diverticulosis and helping her sleep 7-8 hours, up from 5-6 is the greatest proof that this system helps

These are the correct steps but they need to be taken as part of the SMART process. If you don't you will be agreeing to outputs that you have no evidence that you can achieve.

Celebrating the wins has led to me wanting to help others achieve vibrant aging. I see it is possible for everyone. They just need the facts and support

There will always be set backs and we can easily allow ourselves to dissect these and miss the wins, even the small ones ( as they add up)... Every new client should be celebrated not only for the immediate business but the life time value they could bring to a business over time. So it's never just about the size of the opening order. Misses are tough, losing a client even more so... But it does happen. Things in that business may have changed and they may leave you for nothing that you did or didn't do or could do... So expect it plan for it and know it will come around. My approach has always been one of readiness. Cultivation of your pipeline must be going on all the time. Having new possible clients on the bench so to say ready...

Other people adhere to this way of eating and with a slow gene it is even more important. Learning your best foods helps you stay vibrant for the rest of your life. Don’t wait to start learning

It’s important to Regularly check your business performance protects your business against any financial or organizational problems and this is funds and this helps businesses in lowering process cost and improving productivity and mission effectiveness. Use of KPI and KRA is very important to achieve this However, Having a process in place to regularly monitor and measure business performance can help business owners identify best practices and create strategies to foster business growth.

Your mental health & your soul. Check your moral compass. Don’t forget to balance: - Business Life - Life (fun) If you’re not enjoying the ride, wait for a better wave. Aloha!