PUBLISHED FRIDAY MARCH 19, 2021
Every Business Should Keep Tabs on These Four Things
The world we live in is fast-changing as there are many factors – such as social, environmental, and technological, influencing these changes. The effects of these changes are not only pronounced in our daily lives, but they also have noticeable impacts in our business world, iterating the need for you to monitor key business metrics.
Also, you need to have a good understanding of what to, and what not to track in managing your business. This will help you in avoiding distractions, so you also get to pay more attention to important tasks. In that regard, we have highlighted below four items you need to keep close tabs on as they are crucial for your business growth.
In business, keeping track of your invoices, that is payments received, is crucial. It is also a key contributing factor to the success of your business. One on hand, it helps you to manage your cash flow effectively. It gives you a good idea of how much money you receive and how much of those monies are spent. On the other hand, it instills good financial planning and management culture across your business process. With proper tracking of your receivables, you can improve on smooth operations of the business while maintaining a good level of profitability. Using the analytical feature of OClass CRM, you can easily track your payments received and generate comprehensive financial reports for good business decisions.
One of the financial goals of your business is to minimize cost, procuring and operating at the lowest expense level possible is a priority on your business to-do-list. First, by tracking every money you spend in the business, you can easily know when you are going off your budget and what redundant cost you need to cut off. By so doing, you will effectively avoid wastage which is a major headwind to business survival. Also, you need to be financially prudent for your business to attract good investors.
Despite its enormous benefits, tracking payroll records has been a nightmare for most businesses. In fact, most business owners prefer to outsource these tasks so they can focus on other operational issues. Tracking payroll records helps you to understand how much you spend on your employees and to measure return on personnel expenses. As a business, you need to ensure you are paying the right price to the right people. Also, it is essential for you to ensure that your business matches rewards with work performance – one of the key drivers of business growth.
Client's Progress Report
One of the key metrics you need to keep a close tab on is the clients’ progress report. While this is a highly underrated metric to track, the benefit of tracking the completion percentage of your clients is quite enormous. First, when you track the clients’ progress report, it tells you the part of your classes that needs improvement. For example, let’s say a large number of individuals drop off your fitness class at the seventh session. That could be a sign for you to improve the content or activities in your seventh session to boost your customers’ completion rate.
Interestingly, OClass' Class Management Software has a CRM that helps in monitoring your members’ completion progress, thereby assisting in boosting your business improvement. OClass CRM is a great software solution designed to provide key insights and metrics on sales growth, business optimization, customer experience, among others. Aside from its usefulness in tracking the above, OClass has other amazing analytics features that help in making data-driven business decisions to steer your business upwards.