As a fractional director of operations, I specialize in helping online business owners develop effective strategies that drive results. But what is a strategy? And do you have one? You’re probably thinking: "But I have a plan! I know what I want to do and how I want to do it!" And that's great! But having a plan doesn't necessarily mean you have a strategy. Here's why.

I know in the online business world, we often hear the focus being on an arbitrary magic revenue number. However, the truth is that revenue alone is not telling the whole story. Remember, revenue is simply the income, the money coming into the business. What about the cost it takes to deliver the product/service you provide?

I have been in the backend of many businesses, and sure, their revenue number alone looks great, but once you add up the expenses (the cost of doing business), what is left over (the profit) can be a very small portion of the total revenue. This is why you must dive deeper into what your actual profits are for a given period, rather than just the income you made.

Did you know that that there are so many other metrics in a growing business that have little to do with revenue, but have everything to do with success? These are called your key performance indicators (KPIs). A KPI measures how effective your business is and allows you to evaluate how close you are to achieving your goals. Think of it as a feedback loop, if you will, on exactly how you are doing now and what it could be like in the future.

Of course, before you can go and stamp out your KPIs, you need to be crystal clear on what your business goals are and ensure that they are measurable goals.

You have decided that tracking metrics is important for your business success, but where do you start? KPI tracking is an essential tool for growing your business. Today, let’s review what key performance indicators are, how to determine which ones to track, and how to get started with this important step in your business growth.

Many of the business owners I work with KNOW they should be tracking things, but are unsure where to start and are paralyzed before they even begin. (Flashback to staring at a blank white piece of paper in school, anyone?)

There are so many more indicators to the health of your business than just your revenue! In today’s blog post, we’ll go over what key performance indicators are, how to choose which KPIs to track and most importantly how to get started!

Have you ever sat and thought about what sets one business apart from the other? Why are some top earners and others not? One thing that sets the top earners apart is DATA. While what you measure will vary based on your goals and your business model, there are a few key performance indicators (KPIs) that all successful businesses are tracking.

Do you know the difference between KPIs and metrics? A lot of people use these two terms interchangeably, but they are not the same.