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What should we measure in our business?

In one short answer, you should measure any critical activity. There are generally two types of activity measures: lead and lag. A lag measure is the result such as sales or productivity. The corresponding lead activity is the number of sales visits or sales appointments booked. If I know my conversion rates then I will know early on what my likely sales will be depending on the number of appointment booked. So you need to determine what is important for your company first and then look at the lead and lag activities. Many activities are linked and you do not need to have many measures in place.

Mostly people will measure sales, gross margin, and net profit and some other financials because they have systems for that. What most companies do not have are systems for recording other activities and without those you will find it difficult to maintain measurement and get buy in from employees who need to record their activities.

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