Revenue isn’t the only way to measure success as a business owner.
If you know my story then you know I started TBC because the founders I worked with didn’t know how to tell the story of their business in numbers.
They could back into product development, marketing, and hiring but they could not back into how to quantify their business in any way. From budgeting, to KPIs, they had no idea how to measure their business and it’s success in numbers.
Today, I'm sharing my top tips on how to go beyond revenue and use data and numbers to tell a compelling story about your business.
1. Focus on impact, not just income:
- Sure, your $X million in revenue is impressive. But what did you achieve with that?
- Did you increase market share? Expand into new locations? Launch innovative products?
- Show investors how your revenue translates into real-world impact.
2. Choose metrics that matter:
- Don't just throw random numbers at people. Pick the ones that truly showcase your growth and potential.
- Customer acquisition cost, lifetime value, churn rate – these are just a few examples.
- Tailor your metrics to your specific industry and business model.
3. Tell a story with your data:
- Numbers alone can be boring. I say this all the time. Numbers tell a story. Weave them into a narrative that highlights your journey, challenges, and triumphs.
- Explain the "why" behind the numbers – what decisions led to these results?
4. Be transparent and authentic:
- If you’re speaking to investors, understand that they appreciate honesty. Don't be afraid to share your setbacks and learnings.
- Authenticity builds trust, and trust is crucial for securing investment.
Remember, numbers are powerful tools for storytelling. By using them strategically, you can paint a vivid picture of your business's past, present, and future.