Tracking Your Business Metrics

6 years ago

What platform are you using? All the major platforms like shopify, wix, bigcommerce have these types of features integrated already so you have instant access to it.

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palmtreelife

6 years ago

I'm getting a little bit older now haha so I have a metric that not many people track, but I find it's important to me. Profit and loss sheets are important. There's no doubt about that. I also track (the best I can) how many hours of "work" I put in for each dollar I earn.

When we work a job, we are always thinking about "are they paying me enough for the amount of work I do?"

I measure my online income the same way and look for trends. I don't look at today's income and the hours I "worked" online today. I find it more useful to look at it month to month. If I see the ratio of income:hours worked decreasing, then I'll investigate.

I always believe in working smarter, not harder....but sometimes I have to work hard to become smarter

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chuckholmes

6 years ago

Originally Posted by palmtreelife

I'm getting a little bit older now haha so I have a metric that not many people track, but I find it's important to me. Profit and loss sheets are important. There's no doubt about that. I also track (the best I can) how many hours of "work" I put in for each dollar I earn.

When we work a job, we are always thinking about "are they paying me enough for the amount of work I do?"

I measure my online income the same way and look for trends. I don't look at today's income and the hours I "worked" online today. I find it more useful to look at it month to month. If I see the ratio of income:hours worked decreasing, then I'll investigate.

I always believe in working smarter, not harder....but sometimes I have to work hard to become smarter

That is some great advice. I've never thought about tracking that myself. I'm going to start doing it in my business, on a month to month basis, just like you said. Thanks for sharing.

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dave_hermansen

6 years ago

We use Excel, Google Analytics, our Shopping Cart's reports and Quickbooks reports.

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Jacky Nikson

6 years ago

Hello, Chuck!
At first, you need to define what metrics or KPIs you want to track: quantitative, qualitative, financial, etc. Depending on the type, you will use certain tools.
Some metrics are measured only via formulas, while others you can calculate both with formulas and tools. Below I list some of the tools we use from time to time:
* For tracking the sales rate: HubSpot CRM, Thryv, Zendesk Sell.
* For tracking the conversion rate: Google Analytics, Geckoboard.
* For tracking competitive pricing: Omnia and PriceEdge.
* For tracking website traffic: Google analytics, Ahrefs, and SEMRush.

Frankly speaking, all the tools have their benefits and downsides. That's why, we try to use some tools together to get accurate results. Our main tool is, of course, Google Analytics.

Good luck with your business)

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chuckholmes 6 years ago

Those are some great resources. Other than Google Analytics, most of the other ones I have not tried. I'm going to take some time to learn more about how they can help me. Thanks for sharing.
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savidge4

5 years ago

I use excel for a lot of this... Google Analytics, and QuickBooks are on the list as well.

I am going to make a suggestion.. I do this type of thing on a weekly basis. Monday Thru Sunday. For me.. going this route allows to identify seasonal trend in and outs a bit better. It allows you to identify good weeks historically vs not so good weeks where in the end ( monthly report ) things would average out and overall look normal.

My online eBay business in particular we have even gone further and close out on a daily basis and as 4 years has gone by now... its very interesting to see "Day" related trends that seem to be appearing. As an example: First of the Month - mid of the month - The 3rd and 16th seems to be strong days

Hope that Helps!