Friday 21 February 2014

Tip of the Week - Measure Everything You Do.

Measure everything you do.
Logic and fact beat guesses every time, and to be logical and sure of your facts, you need data. You can measure all sorts of things - sales, advertising, customer connections. Anything that changes needs to be measured, and once you measure it, you can manage it. 

During a recent customer survey project many traders were surprised how much they learned by measuring where their customers came from. Once you know more about an aspect of your business, you can direct more time and effort to that aspect, and if it has a dollar benefit, you are on a winner. 

Small business owners are fond of relying on "gut feeling" but measuring is surprisingly simple and much more reliable. In this very competitive retail environment it may give you the edge you need.

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