Michael Angier here with an article about knowing and understanding your business better.
How Much Do You Really
Know About Your Business?
We just bought a new GMC Yukon.
I've been jokingly telling friends it's part of our personal GM bailout program ;-).
It really is an amazing vehicle. It's much safer and way more technologically advanced than the Yukon we traded in. I've still not figured out all the features and gadgets.
It can burn up to 85% ethanol and has Active Fuel Management. Which means it runs on 4 cylinders most of the time and only 8 when actually needed.
I could go on and on about all the other features, but that wouldn't leave room for me to make my point.
What I think is particularly impressive is the OnStar Vehicle Diagnostics. Once a month, it remotely connects to the Yukon, runs a series of diagnostics and then sends a detailed report to me via eMail: tire pressure, required maintenance, engine/transmission details, emission system, etc.
Much of this information is available from the instrument panel, but just in case you don't cycle through it all, you have this helpful and very detailed monthly report--including any attention or actions that are needed or recommended.
Wouldn't it be great to have that kind of detail automatically available to you about your business? It sure would make running your organization easier, wouldn't it?
However, I find VERY FEW small business owners who have more than the very basic metrics. Most of the information is usually too historical to be of much value, isn't easy to understand and in many cases should be presented in a report cover titled "Surprise".
I'm thinking that most entrepreneurs know more about their cars than they do about their businesses.
When you drive your car, you have a rear view mirror and dashboard with the most critical information available to you at a glance. But that's not usually true for your business.
Do you know what your company's key metrics are and do you track them as well as you do your vehicle's data?
Sadly, most small business owners do not.
These key performance indicators vary some from business to business, but I've developed a number of common and important benchmarks to get a handle on where a business is and how to make it better.
And later this week, we'll be unveiling our Small Business Checkup™. It's a simple, but very thorough self assessment of your business.
If you haven't already registered for Thursday's webinar on "The 7 Top Strategies for Making 2009 Your Best Year Ever" I urge you to do so now, as we will be talking about the Checkup on that call and you will be given access to the first version at no cost.
And you must be registered in order to receive the many bonuses we will be giving away.
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