This page allows you to preview Module 3 of the Small business multiplier. Module three is all about measuring your business effectively. If you are able to measure each lever of the Small Business Multiplier (discussed in the last module), then you can easily identify the most important areas to focus on in order to grow your business. This module will help you to define some Key Performance Indicators (KPIs) – things that you can measure on a daily, weekly, or monthly basis to understand whether your business is going well.You can use your KPIs throughout the rest of the programme to keep track of your progress!
The module video is shown below, and below that a link to a preview version of the module PDF. If you have any questions about this preview, click here to get in touch via our contact page.
Preview the Module Workbook (PDF)
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Hi, and welcome to module 3. There’s a simple theme for this module:
Success is measurable.
One of the questions I asked in the overview of the programme a few weeks ago was “What would you have to see, feel or hear to know that your business is growing… or not!” The key word is know, and by knowing I mean you have hard evidence.
This builds on the work in the last module where I asked you to look at a key business metric, something you can easily measure, let’s say your business turnover. I asked:
- What is it today
- What would you like it to be; and
- What is the value of the difference?
If nothing else, that would have given you a real sense of the value that you can build, and hopefully caused you to think about the ‘pay-off’ for you if you can achieve it. Maybe more disposable income, the means to take on staff and give you back some valuable time.
Everyone has a different motive.
In this module I want you to think more broadly than just turnover, and figure out how to capture some key things that can be measured, some key indicators that would show you how your business is trending when you think about the four levers of the Small Business Multiplier.
Think about every time you drive your car and the amount of information available to you from your dashboard. You can check your speed, how far you have driven, how much fuel you have, your fuel consumption, what the temperature is, what the time is, and even whether you have your seat-belt fastened. Based on what you see, feel or hear you can make adjustments to your driving.
Imagine you could get valuable information about your business that would enable you to make adjustments when you needed to. A simple way to have at your fingertips, your Key Performance Indicators, we call them KPIs, that will give you a read-out on the health of your business. Using this workbook you’ll learn the type of things that need to be measured and be able to construct your very own ‘business dashboard’.
Let me finish by stressing again — business success is NOT ‘hit and miss.’ Nor is it random. It involves a methodology. You need to set a course, a plan for your business, and then chart your progress. All small business that became global giants did just this.
If the skills required to grow your business can be learned, then success of your business can certainly be measured.