Many business owners track metrics, indicators that tell them where their business is headed. Sometimes these metrics track the economy at large and sometimes they are specific to the business. What key performance indicators do you watch? And what are they telling you about how your business is likely to perform in 2022? And with so much uncertainty in the air, do you trust the message?
Revenue per project type. Meaning I see the revenue we got per each project type and analyze two things:
1. Are we getting more revenue per project during the year? Think clients are paying more for the same project type because we got better and with a better reputation.
2. How efficient are we becoming on each project? Can we do 10 or 5 more projects during the year with the same resources?
When the 2 of them combine, we have a larger and more profitable business while increasing our perceived value in the market.
Revenue per project type. Meaning I see the revenue we got per each project type and analyze two things:
1. Are we getting more revenue per project during the year? Think clients are paying more for the same project type because we got better and with a better reputation.
2. How efficient are we becoming on each project? Can we do 10 or 5 more projects during the year with the same resources?
When the 2 of them combine, we have a larger and more profitable business while increasing our perceived value in the market.
Thanks, David. So what are you expecting in 2022?
You can do an administrative-management audit of your organization to track the metrics you use and the procedures you follow. This toolkit was designed for media startups but can easily be adapted for other entrepreneurial organizations https://www.velocidad.fund/en/digital-media-outlets-need-management-too-a-toolkit-for-managing-journalism-organizations-pdf/