What to Track Weekly as a New Business Owner (Even if You Hate Numbers)

A practical guide to essential weekly metrics—leads, revenue, churn, and more—to help new business owners stay on course and spot issues early.

Starting a new business is an exciting venture, but it comes with its fair share of challenges. One of the most critical aspects of steering your startup toward success is understanding and monitoring key performance indicators (KPIs). Even if numbers aren't your forte, tracking a few essential metrics weekly can provide invaluable insights into your business's health and trajectory.

As Kim Morrish, owner and director of Ground Control, aptly puts it:

"Being attuned to changing forces, and flexibly and creatively responding, is vital."

The Importance of Weekly Metrics

Weekly tracking allows for timely interventions. By keeping a close eye on specific metrics, you can identify trends, spot potential issues before they escalate, and make informed decisions to guide your business effectively.

According to OptimoRoute, regularly measuring a few performance indicators can lead to faster growth and improved decision-making, especially during the first year of business.

Essential Weekly Metrics to Monitor

1. Leads Generated

Tracking the number of new leads each week helps assess the effectiveness of your marketing efforts. A consistent flow of leads is vital for sustained growth. Learn more from this Startup Metrics Guide by Gilion.

2. Revenue

Monitoring weekly revenue provides insights into sales performance and cash flow. It helps in understanding customer purchasing behavior and identifying peak sales periods. The team at Carta emphasizes that consistent revenue tracking is critical to early growth and investor confidence.

3. Customer Churn Rate

Churn rate indicates the percentage of customers who stop doing business with you over a specific period. A high churn rate can signal dissatisfaction or better offers from competitors. Keeping this rate low is crucial for growth. Tools like those offered by MetricsWatch can help you visualize churn in real time.

A recent F22 Labs report notes that SaaS startups with churn above 10% annually face serious issues scaling.

4. Operating Expenses

Regularly reviewing expenses ensures that your business remains financially healthy. It helps in identifying unnecessary costs and areas where you can cut back. According to GrowthMentor, expense tracking is one of the least sexy but most vital KPIs.

5. Customer Feedback and Satisfaction

Gathering and analyzing customer feedback weekly can provide insights into areas of improvement and help enhance customer satisfaction and loyalty. This is especially important in the early months, when feedback can directly shape your offering.

Implementing a Dashboard for Easy Tracking

Utilizing a dashboard can simplify the process of monitoring these metrics. Platforms like Geckoboard and Smartsheet offer customizable dashboards that can display real-time data, making it easier to stay informed and make quick decisions.

If you’re an Excel user, the team at PK: An Excel Expert has excellent templates that let you track metrics visually without a steep learning curve.

Even if numbers aren't your strong suit, dedicating a small amount of time each week to review these key metrics can make a significant difference in your business’s success. By staying informed, you position yourself to make proactive decisions, adapt to changes swiftly, and steer your startup toward sustained growth.