Secret to Escaping the Emotional Roller-coaster
If you’re an entrepreneur, there are days when you’re on top of the world. Other times, you feel like sinking into the depths of despair.
Sometimes there’s a combination of these days in succession that leave you feeling like you’re on a roller-coaster. You need to disconnect emotionally so you can make calculated decisions and weather storms with a clear head and clear picture of what’s really going on.
Measuring helps you gain an understanding of the state of your business, but know that it’s not always productive to panic if sales aren’t as good today as last Tuesday. You could just be facing normal ebbs in the flow of commerce.
As you learn to measure, you’ll recognize trends and your heart won’t always skip a beat when you see a dip in sales. Beyond looking at sales numbers alone, check other numbers to help get a better idea of your current landscape.
Look at such things as profit margin, the sales pipeline and the recent conversion rate of leads.
After a few cycles of measurement, you start to get a clearer picture of what’s really going on, and it can be easier to determine whether to be concerned and take action.
Weekly, monthly and quarterly reports can be compared while gathering business intelligence to help you plan ahead.
It can be difficult to relax when your livelihood and your dreams are at stake, but using metrics to your advantage will give you a competitive advantage and help you sleep better at night.