As you grow your business, it’s important to track your numbers and your metrics. Here are a few metrics you can track that you may not have thought of.
Employees per square foot
You want your employees to be happy because they will be more engaged and productive. Make sure they have enough space to do their work. But, you also want to use your space efficiently. A good rule of thumb is 200-250 square feet of usable space per employee.
Net Promoter Score
Most of you have probably received a survey asking, “On a scale of 1-10, how likely are you to recommend us to a friend or colleague?” This question is the most common question for a Net Promoter Score. It lets a company know how many of their clients or customers are promotors or detractors. The higher your NPS score, the better. Research shows that companies with above industry average NPS scores grow faster (and likely have more profits) than their competitors.
Profit Margin Growth
Often times, businesses will only focus on top line revenue. They look at whether they made more money this year than last year. Profit margin looks at the net profits after all expenses have been paid. If your business revenue grew by 10% but your expenses grew by 20%, at the end of the day, you took home less money. Make sure you know how to read a financial statement and use a good budget to keep yourself on track and make sure you continue to increase your profit margin every year.
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