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Whether you're starting a business or you've already been growing and scaling your business, it might get to the point where it becomes challenging to deal with the complexity of its growth, all of the things you need to measure, and keeping things simple, practical, and powerful. Reducing complexity is challenging but you can keep things simple yet powerful by having the right KPIs and data cadences in place.

In this episode, we're going to dive into financial KPIs and data cadences for your online business. 

KPI stands for key performance indicator, which refers to the metrics that you should be hitting. Now, your company should have different KPIs that are specific to every part of your business (i.e. marketing, sales, HR, finance, etc). Today, we’re going to tackle financial KPIs.

Now, data cadence simply means how often should you look at your numbers? Companies have different intervals and may do it weekly, monthly, quarterly, or annually. By having those data cadences, you’re able to stay on track most of the time and identify problems you need to solve before they become a real issue in the future. 

Ultimately, you have to decide on what financial KPIs you should have. This can be super stressful if you’re not sure what you’re tracking. And if you don't have the things in place to pull it, that becomes part of the problem you're trying to solve as well. The key is to track things that mean something to you.

In this episode, you will hear:

  • The 5 essential financial KPIs
  • Defining your available cash
  • Understanding your cost of goods
  • The importance of tracking your gross profit and net income
  • Making sure things are easy to track
  • Deciding what “on-track” looks like for the season

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Supporting Resources:

Profit First by Mike Michalowicz

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