[VIDEO] The Power of Measuring and Tracking Your Business Performance

I’d like to share with you a challenge that one of my clients experienced and how he was able to overcome that challenge by measuring and tracking his business performance.

 

 

The Challenge…
He is a specialist pediatrician who was billing and charging based solely on time. When billing based on time, and you are only one person, there is only a limited amount of time available for you to earn income. Your business may be similar. The challenge that he had was the fact that he made a commitment to purchase office space, no longer rent at a cheaper value but now purchase the office space which was obviously going to be a huge outflow for his business and he wasn’t sure if he was going to be able to pay for it, or afford it.

What we did…
When I first started working with him, we started measuring and tracking his performance and I asked him a question: How can we increase your revenue? Then I asked him two more questions:

1. Can we either increase the price of what you charge your customers — your clients or,
2. Is there a way we can basically squeeze in more clients, at the same price, in a shorter space of time?

With these two options available and only because we started entering into this conversation when we started tracking his performance, he decided to do a little bit of a mix of both. Instead of having half an hour blocks for the initial consultation with his customers/clients, he actually decided to squeeze the initial consult into fifteen or twenty minutes. He also started measuring and tracking what he was charging for different types of consultations compared to what the market was charging. And I will be honest with you, and within three months, he actually doubled his turnover because he had more control and he was able to measure and track his performance against what he had forecast.

The Result…
So by measuring and tracking the performance in his business he was able to take control and had the power and make decisions to affect not only his cash flow but his overall turnover.

If you need help tracking and measuring your business performance, visit www.confidentcashflows.com.au or contact Tracy Loubser at tracey@confidentcashflows.com.au today.

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