Keeping track of your numbers is an extremely important task in one's entrepreneurial journey. Entrepreneurs can have all the skills but if they fail to track and analyze what the numbers are trying to tell them, the company might not be able to perform at its optimum. Worse, it may run into losses. The key is to understand that every number is an indicator of the direction you're taking. It helps you understand your strengths and weaknesses.
If you are stuck with keeping track of your numbers, here are insightful responses from entrepreneurs explaining how they like to do it.
#1- With the help of various software tools
With the help of these tools of the trade – Spreadsheets: Simple spreadsheets can be effective for basic job costing and tracking. Project Management Software: We have a lot of choices here, from basic/no-cost add-ons that handle estimates, proposals, job costing, time tracking & even communication with your customers, to full stand-alone packages, that again offer all of the above. Accounting software: It’s worth investing in accounting software, particularly as your business grows. By keeping detailed records and monitoring these vital numbers, I can make smart business decisions.
Thanks to Craig Young, Roof Doctors!
#2- By consolidating essential information
I rely on a comprehensive dashboard, powered by Grafana, to consolidate essential information regarding client data, content performance, and goal achievement. This tool allows data to be presented visually through charts and graphs, including heatmaps, enabling easy interpretation of reader engagement patterns such as click activity.
Thanks to Miriam Joy Macalanda, Best Hardware Supply!
#3- Creating custom reports in Google sheets
I find that creating a custom report in Google Sheets is the best way to get a complete overview of all the most important numbers in one compact, yet comprehensive dashboard. With this method, I've tailored the sheet specifically to the numbers that I want to monitor on a weekly basis—relating elements such as new leads, sales calls, closed deals, hours worked, and revenue received. Set up with CRM and time-tracking app integrations to automatically populate, this rolling report shows the most current data alongside the past two months' numbers, quarterly averages, and previous year.
Thanks to Paul W Carlson, Law Firm Velocity!
#4- Analyzing and acting on last week's data
I meet with my management team every Monday to go over the previous week's numbers. We look at sales by product/service line, compare actuals to forecast, and analyze what marketing campaigns are working or failing. For e-commerce, we're obsessing over site traffic, conversion rates, abandoned carts, you name it. Having the data is one thing, but you also have to analyze and act on it. My quarterly planning sessions are data reviews on steroids. We go deep, looking at performance over longer periods, assessing which strategies are paying off and which need rethinking.
Thanks to Justin Crabbe, Jettly!
#5- By utilizing website analytics
One of the key tools we utilize is website analytics, which provides us with valuable insights into the traffic and engagement on our online platform. By analyzing this data, we can identify trends, understand our customers' behavior, and make informed decisions about our marketing and sales strategies. Additionally, we utilize social media management tools to monitor our online presence and engagement across various platforms. This allows us to monitor the effectiveness of our content and campaigns, and make adjustments as needed to better connect with our target audience.
Thanks to David Reid, VEM Tooling!
#6- Proper maintenance of documents
I take great care to ensure that my supporting documentation is filed correctly. This implies that I keep all of the pertinent documents and files arranged and accessible. I think that being organized and making better judgments is facilitated by having a transparent and systematic framework in place for managing my data. I can easily obtain the data I require while examining my marketing plans and performance indicators if I keep my files up-to-date and organized. This not only makes it easier for me to monitor my development but also helps me spot areas for growth and make the necessary corrections.
Thanks to Derrick Hathaway, VEM Medical!
#7- By using apps that make accounting easier
Staying on top of the day-to-day numbers makes the end of the year, quarter, or month so much easier. Using apps that integrate such as Stripe and Xero also makes accounting so much easier. For me, my top tips would be making sure you are ahead of the game, a stitch in time saves nine, and all that jazz. Just keeping things tidy ie receipts and documentation on a day-to-day basis saves mass panic and stress when it comes to the end of the year or tax season.
Thanks to Estelle Keeber, Immortal Monkey!
#8- Leveraging tools and reviews
We leverage a combination of cloud-based accounting software and regular financial reviews. This approach allows us to have real-time access to our sales, expenses, and overall financial health, enabling quick decision-making. Monthly, we conduct thorough financial analyses to identify trends, forecast future performance, and adjust our strategies accordingly. This disciplined approach ensures we stay on top of our numbers and supports the sustained growth and financial stability of our business. As an entrepreneur, I recommend regularly reviewing and tracking your financial metrics.
Thanks to David Zhang, Kate Backdrop!
#9- Using a two-pronged approach
At our agency, we utilize a two-pronged approach. Firstly, we take advantage of accounting software to record all income and expenses carefully. This allows for automated reports that track key metrics like revenue streams, cost breakdowns, and profitability. Secondly, we conduct regular financial reviews with our team. This approach fosters transparency and allows us to identify trends, address any concerns promptly, and make data-driven decisions for future growth.
Thanks to Rahul Vij, WebSpero Solutions!
#10- Through a customized dashboard
To keep track of our key performance indicators and financial metrics, my team and I rely on a customized dashboard that integrates data from various sources, such as sales figures, marketing analytics, and operational costs. This dashboard updates in real-time, providing us with a holistic view of where the business stands at any moment. We complement this with monthly in-depth reviews where we analyze trends, assess the effectiveness of our strategies, and adjust our plans accordingly. This approach has been instrumental in making informed decisions that drive our company forward.
Thanks to Ricky Allen, Ever Wallpaper!
#11- Blend of advanced analytics platforms
We utilize a blend of advanced analytics platforms and customized dashboards to monitor KPIs across all areas of our business. These tools provide real-time data on inventory levels, order fulfillment rates, shipping efficiency, and customer satisfaction scores. This system allows us to quickly identify trends, pinpoint areas needing improvement, and make informed decisions. This disciplined approach to data enables us to maintain high efficiency and adapt swiftly to changing market conditions, keeping ShipSage at the forefront of the e-commerce fulfillment industry.
Thanks to Ben Pu, ShipSage!
#12- Using real-time market data integration
A cutting-edge tool that sets apart top-performing real estate agents is a real-time market data integration platform. This platform aggregates and analyzes up-to-the-minute market data (e.g., property listings, sales trends, neighborhood/demographic statistics) to provide agents with actionable insights at their fingertips. Furthermore, the instant generation of comparative market analysis (CMA) with investment analysis provides exceptional service to clients and helps us gain a competitive edge in the dynamic real estate market.
Thanks to Daniel T, Ready-Home.com!
#13- We monitor customer satisfaction
For us customer happiness is the most crucial indicator of a successful business. We can be sure that unhappy clients will not return if they have a bad experience with us. Positive feedback and client satisfaction are our top priorities when it comes to our services. When we receive feedback, we share it on our social media accounts. This way, others can see what genuine customers have to say about our products. Users contribute to our product improvement. Listening to my consumers helps me understand what they need and how to meet their demands
Thanks to Athirah Syamimi, Best in Singapore!
#14- By using spreadsheets or outsourcing
At first, you can keep track of a lot of these numbers yourself in your own spreadsheets. Staff can assist in these efforts as well, such as sales staff tracking sales numbers. Optimizing these internal processes is a great task for staff who are a little under capacity at the moment. But once you hit a point when you’re devoting too much time and energy to tracking these numbers and it’s hindering other tasks, it’s time to outsource this work. Not only does this free up time for your team to focus on what they do best, but also it gives you access to greater insights and strategies that can further fuel your business’ success.
Thanks to Thomas Samuels, Cardinal Expo!
#15- By using QuickBooks
I use QuickBooks to track income and expenses for my law practice. I give QuickBooks access to the bank accounts and the software automatically categorizes each transaction as revenue or expense. It also allows me to transfer the data into a TurboTax account for tax return preparation. If you have a relatively simple accounting situation like my law practice, QuickBooks can be a low-cost solution for tracking your business finances.
Thanks to Asel Mukambetova, Law Office of Asel Mukambetova!
#16- By integrating accounting software
The first way we do this is by integrating robust accounting software. This software automates a lot of our financial tracking. In addition, we carry out regular financial audits and reviews to ensure that all information is accurate and current. It includes monthly financial reviews where key stakeholders evaluate the company's performance and our economic objectives. Last but not least, I'm a firm believer in data-informed decision-making. By seeing the economic impact of our operational choices, we can plan for expansion and scalability more effectively.
Thanks to Eliot Vancil, Fuel Logic LLC!
#17- By using two things
I use analytics tools and our internal reports to track things like website traffic, how many people open our emails, conversion rates, and our return on investment. I make sure to regularly check these numbers myself. This helps me spot trends, find areas where we can do better, and make sure we’re using our resources wisely. I also make it a priority to meet with my team frequently. In these meetings, we discuss what the numbers are telling us, brainstorm ways to improve, and make sure people understand our goals. This hands-on technique to monitor our performance metrics is important.
Thanks to James Parsons, Content Powered!
#18- By using Google Data Studio or Tableau
I use tools like Google Data Studio or Tableau to create custom dashboards showing important numbers such as website visits, keyword rankings, and how users interact with content. By automating tasks with Zapier or Integromat, I save time on manual work, letting me concentrate on analyzing data and improving strategies. This simple method helps me make smart decisions quickly and achieve real outcomes for my clients.
Thanks to Hanzel Talorete, Get Smart Series!
#19- By combining custom-built tools
To keep track of my numbers, I rely on a combination of custom-built tools integrated with my website and standard accounting software. My background in computer engineering allows me to create tailored solutions that feed directly into analytics for real-time monitoring. I blend this with widely used financial software for comprehensive fiscal management, ensuring accuracy and efficiency in tracking financial health and business performance metrics. As an entrepreneur, staying on top of numbers is crucial for decision-making and charting growth strategies. The right tools can revolutionize the way we manage our finances and drive our businesses forward.
Thanks to Burak Özdemir, Character Calculator!