In this episode, Jeff Smith and Shawn Rider break down the importance of tracking the right KPIs in business. They discuss how focusing on the right metrics, such as profit, effective hourly rate, and customer retention, can lead to a more stable and successful business. From revenue to employee retention and ROI, they explain why vanity metrics can be misleading and how business owners should focus on the KPIs that truly drive growth. Don't miss out on understanding which KPIs matter most for your business success.
Timestamps:
[0:00] - Introduction: Importance of KPIs in business
[1:10] - Defining Key Business Metrics
[3:30] - Tracking Profit and Effective Hourly Rate
[5:00] - Customer Retention: A Key KPI to Track
[7:00] - How to avoid vanity metrics
[9:00] - Building a System to Track KPIs
[12:00] - Conclusion and Why You Should Start Tracking KPIs Today
Key Takeaways:
Tracking the right KPIs is essential to business success.
Focusing on metrics like profit, effective hourly rate, and customer retention drives growth.
Avoid vanity metrics that don’t contribute to your business's bottom line.
Resources:
Tactical Empire Community: Join our community for more tips and discussions on KPIs and business growth.
Book Recommendation: Operation Wealth by Jeff Smith
Infinite Banking: Learn more about this strategy for building wealth.
