Operational excellence is about effectively running your business so that your athletes and staff are thriving and happy, while you maximize your income potential. This is part six in a seven part series.
Earlier in this series, we explored topics like diversifying your revenue and making sure you’re saving time with automations. Today we talk about why accurate reporting is critical for the long-term success of your box.
To start, the metrics and data you get from your reports give you an instantaneous and accurate picture of how things are going. If you monitor your metrics, you can spot issues before they begin to impact your revenue.
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Your reports give you the metrics you need to make well-informed, day-to-day decisions. If you can’t run detailed reports or don’t have the ability to access and use accurate metrics, you’re stuck running your box on guesses and intuition, which are usually wrong. To use your reporting and metrics to make informed decisions, it’s important to:
1. Know Your Metrics Are Accurate
This one sounds like common sense, but if you’re tracking things manually, your metrics are probably off. We’re not saying you aren’t good at paying attention to details, but we are saying you’re too busy to capture and compute everything manually. It’s also possible that you’re relying on a solution that doesn’t seem to give you accurate numbers. Either way, if you’re trying to make good decisions with bad data, the outcome isn’t going to be pretty.
2. Be Able to Access Your Metrics Quickly and Easily
If you have to do a lot of work to access your metrics, you won’t use them as often as you should. Again, it just comes down to you being busy and needing to spend as much time as possible with your athletes- not at your desk recording numbers and running reports. You need software that gives you at-a-glance access to your numbers so you can keep your eye on the health of your business.
3. Track And Compare Your Metrics
Once you know you have accurate metrics and the ability to access them quickly and frequently, the next step is to track and compare them from one period to the next. In isolation, your cost of a lead doesn’t tell you a whole lot. But when you compare it to the cost of a lead for the last six months, you’ve got a complete picture to use for decision-making. Because of this, we recommend having specific reports that you track on a daily, weekly and monthly basis. And even better, a software that lets you automate reminders so you never forget to run and compare these detailed reports.
Of course, the only way to accomplish these three objectives is to have a box management software that provides accurate numbers, up-to-date reports and easy-to-view graphs and charts on a comprehensive and customizable metrics dashboard. With a system like this, your numbers are correct, and you always have them at your fingertips. If you want to dive deeper into an issue, a detailed report is just a click away. Features like this give you the ability to quickly spot trends and problems before they occur so you’re not running your box on guesses or feelings.
Having the ability to run accurate reports and use your numbers to make good decisions is critical for operational excellence. It will improve any decision you make and help you be a more strategic business owner.
Interested learning more about the metrics you should be actively tracking in order to run a financially healthy box? Get your copy of our guide, Six Building Blocks to Financial Health for Your Affiliate Gym.