Using Key Performance Indicators (KPIs) will give you a very good sense of how your business is doing.
One of my favorite TV shows is “The Profit,” a CNBC production starring multi-millionaire entrepreneur Marcus Lemonis.
In each episode, Marcus evaluates a small business and decides whether to invest in its growth. The main tool he uses to make business decisions is called the “3 P’s of Business Success”: People, Process, and Product.
I was curious about who first developed this concept. Was it Mr. Lemonis?
It turns out this concept has its origins in Lean (a systematic processing method used to eliminate waste). After doing some research, I discovered 5 additional versions that can add depth to your understanding of how to run a successful business.
In this post, you will see each of the six examples and illustrations, along with ideas on how to increase your level of business risk intelligence.
A company’s margin of profit is one of the most important indicators about its health.
In this second post, I share answers from my live video event including:
- Which numbers should I be looking at?
- What’s the difference between a Measure, Metric, and KPI?
- Are “sales” and “profit” the same thing?
- How do I expand without running out of cash?
This article also jumps into the topics of Transaction Avoidance, Lottery Mentality, and self-sabotage as a business owner.
Watch part 2 of the recorded video here, or read the transcript below (including bonus content!)