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What are Business Metrics? (+ 6 That Matter Most for SMBs)

Learn the business metrics that matter most for growing businesses.

Caylin White, Editorial Lead

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Six business metrics that matter for small business

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Business Metrics for Small Businesses FAQs

Business metrics are quantifiable measures used to track and assess the performance of various aspects of a business, such as sales, marketing, and customer service. They're important for small businesses because they provide data-driven insights, enable informed decision-making, help identify areas for improvement, and track progress toward strategic goals.

Essential financial metrics for small businesses include revenue growth, gross profit margin, net profit margin, operating expenses, cash flow, customer acquisition cost (CAC), and customer lifetime value (CLV). These metrics provide a clear picture of financial health and profitability.

Tracking sales metrics allows small businesses to monitor the effectiveness of their sales team and processes. Key sales metrics include lead conversion rate, average deal size, sales cycle length, and sales pipeline value, which help optimize sales strategies and forecast revenue more accurately.

Important marketing metrics for small businesses include website traffic, lead generation, conversion rates (website visitors to leads, leads to customers), email open rates, social media engagement, and return on marketing investment (ROMI). These indicate the effectiveness of marketing campaigns.

Small businesses can effectively track and analyze metrics by using dedicated CRM software (like Salesforce), analytics tools, or even spreadsheets for simpler tracking. The key is to establish clear KPIs, collect data consistently, visualize it in dashboards for easy understanding, and regularly review performance to make strategic adjustments.