What are the matrices in a business?

A Research as a Service Company

What are the matrices in a business?

June 2, 2019 Business 0

Anything that can not be measured, can not be improved. Matrices are to the business, what vitals are to our body. They represent the nature of the business and whether the business is improving, growing or struggling. Correct matrices help businesses to look into the factors attributing to the success or failure of the business whereas incorrect matrices may lead to decisions, that affect the business adversely.

. There are only four major #metrics in any business

Increase in Income.

A decrease in cost.

Increase Happiness.

A decrease in Pain.

Everything else can be traced up to these matrices.

Increase Revenue: a) Increase Customer’s Revenue b) Increase your business revenue c) Increase the income of your team and others associated indirectly with business.

Decrease Cost: a) Decrease the cost of doing business for your client. b) Reduce your expenses. c) Reduce expenses to acquire a client. d) Reduce the cost for the client to discover you. e) Reduce the cost of delivery. f) Reduce the cost of attracting great talent.

Increase happiness: a) Word of mouth organic marketing by clients. b) Team outperforming their own abilities. c) Clients of your clients are happy.

Decrease pain: a) Solve the problem of your client. b) Solve your team’s problem(cash/resource).

If your tracking metrics do not link back to top four metrics, you will never have a true measure of your#business.

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