I get it, not many people like to get deep into number crunching.
And you don’t have to.
But, as the leader of your company, you do have to be responsible for the numbers, even if you don’t crunch them. The trick is to know your key stats without getting lost in the details. Because you are aiming for the Million Dollar mark, your tracking numbers will be different than getting over the first $100k…and will be different getting to the $10m mark as well.
However, there is one concept that every Million Dollar CEO needs to become familiar with, if they want to grow. You must know, like the back of your hand, the four core drivers of business growth.
They are culture, attraction, conversion and leverage.
Culture – measures your profitability, impact and employee effectiveness. Although each company chooses the measurement that is their weakest link, the culture must be inspiring and thriving in or order for you, and your employees, to excel in it.
Conversion – measure the effectives of your sales funnel. Without highly converting, clearly identified, timely sales processes, you will hit a cash flow crisis. There’s no point in putting effort into driving leads into your sales process if it doesn’t convert those leads into customers.
Attraction – measures how well you meet your market’s desires through understanding how well they respond to your messaging. If you’re not providing more value than what they are willing to exchange for it, or you are not listening to their urgency, your marketing efforts will cost too much and your leads will likely be unqualified.
Leverage – measures the utilization of your assets, usually in the form of Customer Lifetime Value (CLV) which reflects the value of your goodwill in your customer list. Bringing added value to your customers and non-buyer lists, with strategic alliances will bring additional revenue streams from products and services your customers want, but you haven’t been providing.
By putting key measurements in each of these four areas onto a dashboard, you can gain control of the direction of your company without getting bogged down into the details.
To learn more about building a Million Dollar Dashboard for your company, go to www.MillionDollarCEO.com.