Measuring Growth: Evaluating Your Progress
You would laugh out loud if I tell you to head to the nearest doorway, stand with your back to the wall, and mark a line with a pencil just at the top of your head. But that’s what we’re going to do! –Sort of…. It’s time to measure your growth and see the progress you’ve made. Concrete evidence of growth inspires and creates more impetus to continue with the plan. When you can see your growth, you feel more accomplished and likely to keep going!
Finding A Wall to Measure Against
So, what will we measure you against? How can you track your progress? First, determine the span of time over which you want to evaluate growth. One month is probably too little, and one year may be too late. In business, a quarterly review works pretty well to capture the rate of change for growth, so stick with that.
Next, determine the factors you want to measure. There are a number of factors that you should be tracking. What evidence of growth exists? We’ll start with a few basics: client load and profit accumulation.
Now, take a look back in time, about six months ago. Collect the data, then jump forward three months, measure again, and compare.
In the creative world, clients come and go – you may establish repeat business, but you may also have a majority of one-and-done clients. You don’t want to track growth by the quantity of clients, but by the quality of clients. Are you working with the type of clientele you desire? Do you have challenging projects, or more cookie-cutter one-offs? The goal is to build a client base that provides profit but also attracts more clients of similar ilk. About six months ago, you might have projects that represent income, but not profit. Were you able to build from there?
If you see more complex clients with larger scopes of work, then your business practices for finding new customers have been working. If you don’t, it’s time to re-evaluate your methods. Are you using your voice? Do you need more ideas about ways to reach and cultivate new business?
The numbers, the number, the numbers! It’s all in the numbers. Have you been conducting your financial reviews? This might be an easy process for you, then. If you’re applying the strategies, then you can compare and see if your profits are growing. If you’re not seeing profit, then it’s time to re-evaluate your efforts. What story are the numbers telling? What areas of your business need more attention?
If you have not been keeping up on financials, you may need to gather your data before performing an analysis. … are you still feeling that tightening in your chest and clenching your jaw when you hear that talk about numbers? That is a reaction to evaluate – a signal that you may need more help with financials. If you still find yourself feeling stressed about numbers, it’s time to reach out.
Growth is Difficult
Have you heard of growing pains? It’s a real sensation that happens as the body develops, but it’s also a real thing for your business to experience, too. Remember those bumps in the road? Mistakes in business are lessons from which to learn, and your evaluation of growth may be bumpy. Take the results and react accordingly.
Hey, see there? You’re already a notch above where you were last quarter. Email me if you need assistance or accountability. I am here for you;