Measure It And Master It.

Subscribe to Dave's Blog!

Get Dave's weekly blog post delivered to your email inbox.

Measure It And Master It.

Encourager-In-Chief: July 29th, 2020

Track your way to success!

As a business coach, one of the factors that I have found that determines whether or not somebody will be a success in his or her own business comes down to one simple activity: Tracking. Business owners need to be willing to track inventory, repeat customers, employee attendance, hot-selling items, and slow-selling items.

Recently, I got an invoice after the cover design for one of my books was completed. It was $300 more than my previous book cover, even though they were done by the same designer in the same company. I called to inquire why the price had jumped 500% in one year. Once the owner looked at the situation, he explained that the designer had spent much more time on my most recent book cover design that she had on my previous cover, but never once told me about this.

I explained to the owner that I thought the new book cover design looked excellent. I thought that the cover design for my previous book (done by the same designer) also looked excellent. But as an end-user, I couldn’t tell why one cost nearly 3 times as much as the other one. I went on to say that each one of my books is its own profit center. In other words, I need to know how much it costs to produce a book so I can determine how many books I need to sell in order to break even and make a profit. I depend on the budget numbers to be right.

We agreed on a fixed amount for each future book cover and that the designer would let me know when we were approaching the two thirds point in that budget. That would allow me to decide how much more time I wanted to spend on that cover without going over budget.

This is a simple example that demonstrates why it’s so important for business owners to track information and to look for patterns and trends. More importantly, pay attention when something is drastically changing for the better or for the worst. It will prevent you from making costly mistakes and spending more money than you make.

If you can’t track it, you can’t measure it.
- Anonymous

This excerpt is taken from my Organizational Excellence V: Tracking Your Way to Success seminar. I encourage you to register for my August 6, 2020 Birthday Bash Seminar featuring the this topic, to be presented at the Comfort Suites in Manheim, PA. You can also listen to my get organized now audio program at Dave Romeo Online University.

Organizational Excellence V: Tracking Your Way to Success

VIEW SEMINAR

Let me hear from you!