As a business owner or manager, you have to stay on top of your business from day to day. Occasionally checking in won’t do you any good. By the time you recognize something has changed, it’ll be too late to correct it or use it. Thankfully, the growth in tracking and analytical tools has been staggering over the last few years and it’s now possible to track, monitor, and analyze just about any aspect of your business performance.
4 Business Processes and Tasks to Track
The rise of analytics and business intelligence tools has been quick and monumental. Over the past few years, dozens of new solutions have entered the marketplace and it’s now possible for business owners to cost-effectively monitor almost anything they want. But with so many choices, how do you proceed? Here are a few processes and tasks to start with:
1. Sales
“Have you ever had a rep tell you about this incredible lead they got, maybe it was a referral or a high-value target, and a month later it magically disappeared or they can’t find it? It’s most likely attributed to using lead sheets or ineffective processes,” admits SPOTIO, a leading sales tracking app. “Sales managers and companies have to keep up with the technological advances and trends or fear getting left behind.”
By tracking sales – and leads for that matter – you gain a better picture of your entire sales cycle. Not only does this help you understand how leads are being generated and converted, but it also helps you identify new opportunities that you otherwise may not have known existed.
2. Website Performance
Website performance is not only one of the most important things for your business to track – it’s also one of the easiest. Whether it’s with Google Analytics or a paid tool like Clicky (which has cool features like heatmaps and real-time reports), you have a multitude of options to choose from.
When you track website performance, you gain keen insights into indicators like website performance, conversion rates, average time on site, purchase behaviors, bounce rates, and other valuable metrics that not only tell you how your website is doing, but also how your brand is performing.
3. Social Media
Social media monitoring is quite important these days. With the time, money, and effort today’s leading brands pour into social marketing and lead generation, it would be foolish not to monitor what’s happening beneath the surface.
But in addition to monitoring your own brand’s social engagement, the great thing about social media is that you can also think laterally and study what your competitors and partners are doing. This provides a better picture of the overall industry landscape.
4. Customer Service
The fourth aspect of your business you have to focus on is customer service. This is the most palpable touch point your business has with customers and you can’t afford to mess it up. By studying metrics like volume by channel, response time, contact resolution rates, and hold time, you can see what’s working and where you need to improve.
Stay on Top of Business Performance
As a leader in your business, you need to know your company from the inside-out. If you’re only studying the P&L statement at the end of each quarter, or occasionally glancing at some numbers your account managers hand you at the end of each month, you’re probably not doing an adequate job of monitoring performance and setting your company up for future success.
By tracking some of the key business processes and tasks discussed in this article, you can begin to gain some clarity on important issues and defining metrics. As a result, you’ll know what’s happening at all times. You’ll be informed enough to make educated decisions that benefit your business both now and in the future.
