Cloud Tech

What are business metrics, anyway?

Posted on 22 June, 2017  |  2 min

What are business metrics, anyway? If you read online articles about business, you’ve probably run into the concept of tracking your business metrics or using them to help you make smarter decisions. But let’s take a step back for a moment and talk about business metrics—what they are, how they can help and where you can find your own data.

Simply put, business metrics are quantifiable (aka countable) measures businesses can use to track, monitor and assess their successes and failures. This means that the numbers you generate from your sales revenue are business metrics. Your inventory size is a business metric. Your social media follower count is a business metric. This data tells you a story about your business. That’s what numbers can do for a business: they tell you the story of how your business is performing. From there, you can decide how you want the story to go.

Accurately measuring and monitoring your business efforts boosts awareness. With more awareness, you can improve the quality of your products or business services. It almost goes without saying that knowing the numbers and being able to see business metrics clearly will help you make better decisions.

However, many SME owners think that they cannot afford the time to A) create the data B) update the data, and then to C) analyse the data. We have good news for you! You’re probably already creating in-depth business metrics just by running your business.

Does your business have a Facebook page? Do you use online accounting software, like QuickBooks Online or FreeAgent? Maybe you have a mailing list and use MailChimp to send out your newsletter? Guess what! Every time you use cloud-based software  those business apps create data about your actions. The ability to automatically generate accurate business data is one of the greatest benefits of using cloud-based apps.

At 9 Spokes, we are invested in you knowing and determining the story of your business. We like to think of business metrics as a map to help you run your business, and so we designed the 9 Spokes smart dashboard as a personalised one-view snapshot.

It’s simple: connect the business apps you are already using to a free 9 Spokes dashboard. Or if you need help to know which apps to use in your business, 9 Spokes recommends the best ones for your industry. Your dashboard displays key business metrics using the data from your connected apps, providing you with insights to quickly see how your business is performing so you can make smarter decisions. There are no barriers to getting set up quickly with your own dashboard. Get it now – it’s free and see the whole story of your business in one place.