In the world of helping small businesses, the phrase “what gets measured gets fixed” is a common saying. It highlights the importance of tracking and measuring key performance indicators (KPIs) in order to improve business outcomes.
Essentially, the idea is that by measuring and monitoring specific metrics, business owners can identify areas for improvement and take action.
For example, if a small business owner is struggling with low sales, they might measure metrics like
- website traffic,
- conversion rates,
- or customer feedback
to identify areas that could be improved.
By measuring these metrics, the business owner can identify trends, pinpoint areas for improvement, and take action to address them.
In addition to identifying areas for improvement, measuring KPIs can also help small business owners make more informed decisions.
By having access to real-time data and insights, business owners can make strategic decisions about
- product development
- customer service
- team development
Of course, measuring KPIs alone isn’t enough to drive improvements in a small business. It’s important to take action based on the insights gained from measuring these metrics.
By measuring and tracking KPIs, small business owners can identify opportunities for improvement, make more informed decisions, and drive better outcomes.
The phrase “what gets measured gets fixed” is a reminder that measuring and monitoring key metrics is critical to improving outcomes. By tracking and analyzing data on a regular basis, small business owners can gain insights into areas for improvement and take action, ultimately driving success and growth for their business.