Are You Watching These Numbers?

On January 14th, 2014, posted in: Accounting, BIZ-TIP by 0 Comment

As a virtual accountant you would expect me to tell you to be looking closely at your financial statements. Every business owner needs toPicture1 keep an eye on their income and expenses, cost of goods sold or cost of service, and profit (or loss). But there are other numbers that are vital to the growth and sustainability of your business.

Are you watching these numbers?

  • How many inquiries from prospective clients (and where did they come from)
  • How many inquiries did you convert to clients (compare your rate year to year)
  • How many clients stopped doing business with you (and why?)
  • How many clients you have at year-end (compare year to year)
  • How many active inquires you have (and the status of follow-up for each)

Even if you’re not a “numbers person” like me, you should know these statistics. They will provide you with valuable insights for analyzing your business and provide you with a basis to make improvements for going forward.

Is there something else that you track?

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