Win Big - Written by JJ Ramberg on Monday, February 4, 2013 10:54 - 20 Comments
Start Small Win Big: Your Week 3 Action Plan
Your Toolbar
Step 3: Look at metrics. It’s week three and it’s time to set tangible goals to measure your success. To set your goal, you need to know the key drivers of success for your business.
For example, do you want to sell more products? Set your goal for increasing the number of units sold.
Do you want to attract more customers? Set your goal to broaden your audience by finding new qualified leads.
Do you want change your sales mix to sell more of your high-priced items? Set your goal to raise the average sale per customer.
Your homework this week is to state what metrics are important to you and your business. Maybe your small business isn’t launched yet, so you might think metrics don’t apply to you just yet. Not true. If you’re driving into unknown territory, don’t you want to set the GPS before you start driving? Once you do that, you can evaluate where you are today and have a goal of where you’d like to be.
Now I’m going to make your assignment a little harder. Once you figure out your goal, take a moment to see if there is another way of achieving the same results.
Let me give you an example. A few years ago, I worked on a story about the owner of a Laundromat. He was concerned because he discovered that on a couple of days a week he was not generating as much revenue as on the others. So he set a goal for himself of trying to drive more traffic to his store on those days. He was going to do it through coupons and other promotions.
Well, while this could work, a consultant we brought in to speak to the owner came up with another idea: Why not just hire less staff on the slow days? By doing this, the owner would still be able to serve his customer base and while his daily revenue would still be lower than the peak days, his profit would be similar. In addition, he wouldn’t have to discount his service, which might adversely affect the rest of the week.
The lesson here is to evaluate your metrics, carefully base your goals on tangible numbers and then go above and beyond—try and poke holes in that argument to see if there is anything to modify.
I wish you all the best of luck this week!
Resources:
1-on-1: Achieve Your Goals, in SUCCESS magazine
Free Training on Google Analytics
Editor’s note: This is the third of eight installments for SUCCESS’s 2nd annual Start Small Win Big entrepreneur challenge. If you’re not signed up for Start Small Win Big, it’s not too late. Visit SUCCESS.com/winbig to join.
People who read this also read...
- Start Small Win Big: Your Week 1 Action Plan Start Small Win Big: Your Week 1 Action Plan January 21, 2013 Editor's note:...
- Start Small Win Big: Your Week 2 Action Plan Step 2: Keep it simple. A couple of years ago at my company Goodsearch.com, we...
- Start Small, Win Big 2012: Your Wk 4 Action Plan Your Week 4 Action Plan For Week 4 (Feb. 13), read the February 2012 issue...
- Start Small, Win Big 2012: Your Wk 2 Action Plan Your Week 2 Action Plan For Week 2 (Jan. 30), read the February 2012 issue...
- Start Small, Win Big 2012: Your Wk 3 Action Plan Your Week 3 Action Plan For Week 3 (Feb. 6), read the February 2012 issue...
Subscribe by email or with RSS! and make sure you never miss the latest posts!
Also, don't forget, sign up to receive our free newsletter!
20 Responses to “Start Small Win Big: Your Week 3 Action Plan”
Leave a Reply
Polls
Loading ...
Recent SUCCESS magazine articles
- Pop-Ups: More to Chew On May 24, 2013Pop-up shops have invaded retail, the arts, creative services and tourism. […]
- Pop! Goes Convention (With "Pop-Up" Restaurants) May 24, 2013Our writer taste-tested the “pop-up” phenomenon embraced by many young entrepreneurs, a rowdy chef among them, and came away hungry for seconds. […]
- When Virtual Just Can’t Cut It May 24, 2013The latest trend: on-demand and flexible offices. […]
- Dry Those (Allergy) Tears May 23, 2013A new liquid ragweed extract is offering allergy relief. […]
- Get Comfortable: Be an Ergomaniac May 23, 2013Make sure the tools of your trade treat your health with respect. […]
Most Popular Content
- Hi Alison,
Would you have any suggestions for questions that employees could ...
- |...
- I know this site provides quality based articles or reviews and other informatio...
- I think that what you wrote was very logical. However, what
about this? suppos...
- I believe everything published was actually
very logical. But, what about this...
This is really fascinating, You are a very professional blogger. I have joined your feed and sit up for in quest of more of your magnificent post. Also, I’ve shared your site in my social networks
[Reply]
My goal is very simple, attract more customers, right now since I am at the beginning, I have none. So my goals are to have 10 customers by the end of march, and increase by 10 every month after that.
[Reply]
My goal is to obtain 6 clients per month that gross at least $1,500 each.
I need to accomplish this in two ways by first broadening my audience to obtain 12-20 quality leads. Second, I need to close more sales by doing a better job of showing my value and how I can benefit my client more than my competitor.
[Reply]
Ours is a "fee based" Internet Art Marketing Website. We have been live now for a bit over 3 months. We are right at 7000 visits to the site with over 20,000 page views and an avg time on the site of 3 minutes and approx 50 paying customers. Our design has us creating that traffic with "fans" as well as our clients networking and adding registered users as well. Goal #1 is to generate cash flow that will service the debt created to build the site (self financed). Other goals include 500 visitors per day in the next 30 days and 100 paying subscribers (several levels) in 90 days.
[Reply]
My business is a soon to be launched website exclusively for Nursing Professionals. The metrics that are important to nursesofftheclock.com are:
1.The number of visitors to the site per month (will exceed 3,000 visits per month)
2.The number of visits that convert to active membership (will exceed 1,000 visits)
3.The number of pages viewed (will exceed 3 pages per visit)
4.Average time spent on site (will be equal to, or exceed fifteen minutes per visit)
5.The average time spent on each page viewed (will be equal to or exceed 5 minutes)
[Reply]
Your homework this week is to state what metrics are important to you and your business
My business is a soon to be launched website exclusively for Nursing Professionals. The metrics that are important to nursesofftheclock.com are:
1.The number of visitors to the site per month (will exceed 3,000 visits per month)
2.The number of visits that convert to active membership (will exceed 1000 visits)
3.The number of pages viewed (will exceed 3 pages per visit)
4.Average time spent on site (will be equal to, or exceed fifteen minutes per visit)
5.The average time spent on each page viewed (will be equal to or exceed 5 minutes)
[Reply]
[...] Start Small Win Big: Your Week 3 Action Plan Step 3: Look at metrics. It’s week three and it’s time to set tangible goals… [...]
Metrics for ControlTemp Thermostats:
1.) Increase the number of units sold
2.) Attend expos/conventions that are market specific (Multi Family Housing)
3.) Advertise in market specific journals
I believe that if I do items 2 and 3, metric 1 will automatically by reached.
[Reply]
Metrics –
More visitors to my site (whenI get it up and running) AND visitors converted to buyers of my webinars or products.
[Reply]
Firefly Event Photography and Entertainment, LLC. Our goal “average” yearly metric is to work with up to 20 schools per year and complete 30 events between homecomings, proms, and graduations. As of now to reach those goals we expect to double our sales to schools yearly to hit that desired average. Once we complete this goal level we will look to expand into two teams of event photographers.
We use website email log ins on our website to extend our reach to visitors. We send out quartly information about upcoming events, sales and encourage visitors to follow on facebook, twitter, soundcloud, and youtube.
We use google analytics to follow traffic on both my personal photography (www.piercebrunsonphotography.com) site and Firefly. By focusing on connecting to students via Firefly our additional goal is to drive customers to my personal photography site and use it for personal occasions like senior, family, graduation and private events.
After each event we meet with schools to review our process and work for the rehire or extended contract. We find areas for improvement through our survey after each event.
[Reply]
Contestants, thanks all for your diligence this week in Start Small Win Big! We here at SUCCESS are your biggest fans!
Best,
Shelby Skrhak
SUCCESS.com
[Reply]
DorisVela Reply:
February 7th, 2013 at 9:19 am
Hello Shelby,
Thank you and Success for giving us the opportunity to share and learn from other small business owners experiences. I know that all these assignments are really making me think and see things different.
Best,
Doris H Vela http://www.facebook.com/doris.h.vela
[Reply]
DorisVela Reply:
February 7th, 2013 at 9:19 am
Hello Shelby,
Thank you and Success for giving us the opportunity to share and learn from other small business owners experiences. I know that all these assignments are really making me think and see things different.
Best,
Doris H Vela http://www.facebook.com/doris.h.vela
[Reply]
The survey will be send to the customers via e-mail and they will have the choice of keeping it anonymous or not. The goal of this survey is to improve performance in the entire staff (administration, teachers,supportive staff, kitchen & cleaning personnel) and "mantain" the level of performance at all times with the goal of increasing student enrollment.
I am currently working on developing the survey system for Bambini, Inc and I believe this will serve as a great tool to meassure performance and quality of customer service. My theory is; if teachers and staff are being monitored by customers (parents) instead of their manager, students will receive better education.
I hope my theory is correct and that I could help other small business owners with my SSWB Week 3 Assignment.
Success for All!
Doris H Vela
[Reply]
We have several key words, all with the goal to obtain information based on assessments to determine service/product success.
In my world of Education (Service Industry), my goal is to find ways to improve an already existing industry in which innovation sometimes can be redundant. Based on the Metrics definition, I decided to implement/launch a Survey including questions in which customers can also appreciate and "see" other things in addition of the educational section. For example; Did the staff greet you and your child when you walked in the school?, Where the floors cleaned when you arrived to pick up your child?, Where the restrooms cleaned and sanitized?, Where you satisfied with the menu this month?, Would you recommend our school to your friends and family?, etc…
[Reply]
Denise D. Reply:
February 6th, 2013 at 3:32 pm
Hi Doris,
I love your enthusiasm for your business! You're providing a great service to children, families, and to the world! I recently completed a survey for my business and I got wonderful feedback and really engaged my target audience. As part of the survey, I offered a complimentary copy of an upcoming eBook and a subscription to my eZine. Over 2/3 of the respondents signed up! Perhaps you could offer some sort of incentive for parents to complete the survey? And, you can use that to continue to engage them in some way. I look forward to reading more about your business in the coming weeks. Best to you. ~Denise
[Reply]
DorisVela Reply:
February 6th, 2013 at 3:48 pm
Hello Denise,
Thank you so much for your feedback. That is a great idea! I will definetely add that component to the survey.
Doris Vela
[Reply]
DorisVela Reply:
February 6th, 2013 at 3:48 pm
Hello Denise,
Thank you so much for your feedback. That is a great idea! I will definetely add that component to the survey.
Doris Vela
[Reply]
Denise D. Reply:
February 6th, 2013 at 3:32 pm
Hi Doris,
I love your enthusiasm for your business! You're providing a great service to children, families, and to the world! I recently completed a survey for my business and I got wonderful feedback and really engaged my target audience. As part of the survey, I offered a complimentary copy of an upcoming eBook and a subscription to my eZine. Over 2/3 of the respondents signed up! Perhaps you could offer some sort of incentive for parents to complete the survey? And, you can use that to continue to engage them in some way. I look forward to reading more about your business in the coming weeks. Best to you. ~Denise
[Reply]
Hello everyone!
I know most of us have been in the small business world for some time and we all know the concept of Metrics, but I decided to look for the "actual" definition and think around it…
According to the BusinessDictionary.Com the Definition of Metrics:
"Standards of MEASUREMENT, by which EFFICIENCY, PERFORMANCE, PROGRESS or QUALITY of a PLAN, PROCESS, or PRODUCT can be ASSESSED".
[Reply]
I haven’t launched my website yet but looking ahead I believe my most important metrics will be: 1) start-up costs and recurring expenses, 2) email conversion rates, 3) website conversion rates, 4) subscribers to eZine, and 5) eBook sales. Once I add more services and features to my business, I’ll be tracking those metrics as well.
[Reply]
QueenoHearts Planners Ltd is a wedding planning company that metrics are important to. Conversion rates and increased sales are important to us. We have various platforms and new people are liking us and so on but we need to turn them into sales
[Reply]
Metrics Homework
Traklight is an online software as a service and we have one product that is subscription based and another that is one-time use based.
Conversion rate is the most important to us.
Key metrics: 1. Unique visitors 2. Length of visit 3. Page views > 3 times 4. Time in videos 5. # of visits to quiz. 6.Median time on site.
We do social media but facebook friends, twitter followers, blog reads etc are not important metrics.
[Reply]