Business Growth: How to track it.

11 Aug Business Growth: How to track it.

Defining business growth can be tricky, as there are several metrics to track depending on the company’s goals.

An increase in revenue, sales, output, or staff strength can be categorized as a company experiencing growth, so how exactly do you know your business is growing?

The answer is simple- DATA. You can’t track your growth without gathering relevant data.

In our post, ‘The Business Lifecycle,’ we mentioned the importance of having a detailed Business plan that contains a SMART growth strategy- this strategy typically contains what aspects of your business you need to grow, what tactics you’re planning to employ, and what your KPIs/OKRs are.

Based on these details, you can then list what metrics you need to track and collect data related to these metrics. Here’s a good example.

◈ Company A would like to increase sales.

◈ Company A decides to develop campaigns to increase sales of its products within one month.

◈ Company A decides to use both digital and traditional marketing and develops a digital marketing strategy and a traditional marketing strategy.

At the end of the month, company A will need to calculate its ROI by tracking several metrics for both marketing strategies implemented.

The purpose of this tracking is to help the business owners and marketing teams make informed decisions based on which marketing strategy brings the best results at the lowest cost.

Tracking your data means setting yourself up for success therefore, start collecting data today.

Need help with tracking your company’s growth, Book a consultation today.