We’re halfway through the year now. Have you looked to see how you’re doing compared to your goals? You can’t hit a target you can’t see, so keeping those goals in mind and where you are relative to your goal can help move you forward.
Bottom line is usually the goal most businesses check. What about total sales or expenses? There are several other metrics you might want to track. Here are some suggestions (I’m sure you have some of your own):
- Number of leads
- Number of leads who became customers
- Number of new customers
- Number of customers who stayed with you and bought additional services
- Number of particular types of customers (could be demographics or a specific product or service they buy from you)
- If you use classes in QuickBooks, you might track profitability of individual classes AND which one is doing better
- If you sell products, perhaps a quantity or dollar amount
- Sales goal for a product or service line
- Average sale in dollars
- Perhaps you have service agreements and your goal is x
Then the next question is how will you get those numbers and where will you track them.
For total sales, expenses and bottom line, a budget is a great tool (see our article)
If you have 2012 or 2013 version, there is a lead center in QuickBooks, although I will admit it’s very limited. But it is a start and it’s easy to convert leads to customers. If you have a Customer Relations Management (CRM) program, then you can probably track from there.
Some other reports that may be useful:
- Sales by Customer Summary exported to Excel could give you a quick count of number of customers to date.
- Sales by Item Summary or Detail may help you extract additional information on your products and services. Again, you may find you export to Excel for more detail.
- The Customer List report can be modified so you could pull in additional fields such as type or custom fields. Then you can sort or filter.
Personally, I have memorized reports in a group called Monthly, which I review. Some of those reports give me all I need for a given metric, others I either export to Excel or there are certain key elements I count. But it does help me see where I am relative to my goals and what’s working or not.
If you haven’t set up any goals and/or metrics, it’s not too late. You still have almost half the year left.
If you would like assistance either setting up metrics in QuickBooks to track or customizing reports so you can view your metrics, contact our office. I hope you are well on your way to a great year and I wish you much success for the remaining year!