08/12/2023
💎 𝗗𝗼𝗰𝗲𝗿𝗲 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗣𝗲𝗮𝗿𝗹 𝗼𝗳 𝘁𝗵𝗲 𝗪𝗲𝗲𝗸 💎
Hey, aspiring entrepreneurs! 🌟 In the business world, like medicine, the key to optimal health lies in analysis and reflection. 🤔💼 Check out one of my favorite books - "Cadence: A Tale of Fast Business Growth" and its seven levers to supercharge your small business journey! If you aren't already - create a tracking system to help you easily check in on these business metrics:
🟣 SUSPECTS: Anyone who visits your website or walks into your store (Basically, whatever you call “traffic”: first-time visitors or inquiries)
🟣 PROSPECTS: People who take some action, beyond “just looking” (On a website, it could mean email opt-ins)
🟣 CONVERSIONS: The percentage of your “prospects” who buy something
🟣 AVERAGE ITEM PRICE: The average price of the items you have sold across a period
🟣 AVERAGE ITEMS PER SALE: The average number of items purchased in the transactions across a period
🟣 TRANSACTIONS PER CUSTOMERS: The number of times, on average, your customers make repeat purchases across a period
🟣 PROFIT MARGIN: Your overall profit margin of all sales as a percentage
And did you know... that if you
🔥 INCREASE EACH LEVER BY 10%
➡️ YOU WILL DOUBLE YOUR PROFIT 🔥
Hope you enjoy this pearl and can utilize it as I have.
Running a small business is no joke - so many hats to wear and balls to juggle.
Happy Holidays!
~Dr T 🦋