Metrics That Matter
Download MP3In this episode, Tiffany-Ann discusses the importance of tracking metrics in business. She emphasizes the need to track the right metrics at the right time and shares a story to illustrate this point. The host then explores four metrics that may not apply to service-based businesses and highlights five metrics that every business owner should track. These include overhead costs, direct costs per billable hour, revenue per employee, processing and carrying costs, and tax rate. The host emphasizes the importance of knowledge and data-driven decisions in managing and growing a business.
The Service Based Business Society Podcast will be on holiday hiatus from December 19th to January 10th, tune in for a very special episode next week to wrap up 2023.
The Service Based Business Society Podcast will be on holiday hiatus from December 19th to January 10th, tune in for a very special episode next week to wrap up 2023.
Takeaways
- Track the right metrics at the right time in your business journey.
- Metrics like lifetime value of a customer and customer acquisition costs may not be relevant in the early stages of a business.
- Important metrics to track include overhead costs, direct costs per billable hour, revenue per employee, processing and carrying costs, and tax rate.
- Having knowledge of these metrics allows for informed, confident, and data-driven decisions in managing and growing a business.
