Business Vital Statistics... a key to business and book success

Business Vital Statistics

Just like your trip to the physician includes a series of vital sign checks (blood pressure, heart rate and temperature to name a few), so should our business management include the same types of checks.

As a speaker, consultant and author, I meet many entrepreneurs and authors who don’t know their bank account balance, do not have an accurate inventory of books (or how many have sold) and many who have not invoiced their clients for completed work. Knowing your numbers, your business “temperature” and stats is an essential part of business success.

Funny thing, in university Statistics was the course I dreaded… I had a tough time keeping my eyes open during class, however, in business I find I look forward to taking the pulse of my business. It helps keep my actions in line with my goals, and my planning in alignment with the needs of my clients and our big vision for our business.

Fridays is my Vital Statistics Day… I believe that every author, entrepreneur and business owner should have a vital statistics day. Many of my clients have no idea of how many business exchanges they have closed, what their sales were like for the week, what their conversion stats are, how many sales calls they made, and how their time is spent on a weekly basis.

Each Friday I take the vital statistics of our business. I opened Hammond International Inc. in 1997, we are now 15 years old, and I have learned a lot through those years. One such learning was the need to know your business vital statistics and signs.

Here are some examples of my Friday Vital Statistics Activities:

1. Website statistics and analytics

2. Review contracts, sales, and closed projects.

3. Track book sales, speaking engagements and other business activities

4. Follow up with clients

5. Check our Amazon.com sales, regions our books sold in, and number of new endorsements on our book pages.

6. Check our Blog Statistics: number of blog reads and views, number of followers, etc.

7. Check our affiliate revenues.

8. Visit my three radio show statistics for listenership and download statistics

9. Bank balance, invoice status, etc.

These are a few of the activities I do on Friday Vital Statistics day. How can you adopt this or similar activities for your business?

Some of the other activities that I complete on Vital Statistics Day include sending thank you cards to my radio guests, to hosts of media shows I have been on, and to clients for doing business with me. We do quarterly business “seeding”…staying in touch with our clients in a non-salesy/non-marketing way. When my new book GPS Your Best Life (co-authored with D. Kasowski) was released, I sent gift copies to my 30 top clients. Sometimes I see a card or article that I know would be appreciated by a certain client, so I pop that in the mail.

Being in touch with your business numbers keeps you focused on your business goals and targets, the financial needs of your company, and serving your clients in the best ways possible.