What to Measure in Business | Business Coaching Lancashire

Measuring what matters: how to track the right things in your business

Running a small business often feels like spinning plates. There’s always something demanding your attention — serving clients, finding new leads, keeping on top of admin, juggling cashflow. With so much going on, it’s tempting to treat “tracking progress” as an afterthought.

But if you’re not measuring the right things, it’s almost impossible to know whether your business is really moving in the direction you want.

Measuring what matters is about more than numbers, it’s about clarity. It keeps you connected to your vision, helps you spot issues before they grow, and gives you the confidence to make decisions that move your business forward.

The trap of measuring the wrong things

Many business owners track what’s easy, not what’s useful. They obsess over revenue without checking profit. They count social media likes without asking whether those likes lead to sales. They track “busy-ness” instead of effectiveness.

The result? Decisions based on assumptions rather than evidence.

What should you be tracking?

The most powerful metrics are the ones that align directly with your vision and strategy. For many small business owners, that means focusing on:

Cashflow: Not just sales, but what’s actually in your bank account.
Lead generation: How many genuine enquiries you’re attracting each month.
Conversion rates: The percentage of leads that turn into paying clients.
Customer retention: How many people come back or refer others.
Customer value: Understanding who your most portable customer are
Time and capacity: Are you working sustainably, or edging towards burnout?

Connecting numbers to your business vision

Data on its own can feel dry or overwhelming. The key is linking it back to your business vision:

If your goal is freedom and flexibility, are you tracking how much time you’re freeing up?
If your goal is financial security, are you focusing on profit margins as well as revenue?
If your goal is growth, do you know how many new clients you need each month to get there?

This isn’t about tracking everything. It’s about choosing a handful of measures that matter most to your goals.

Build your own dashboard

A simple dashboard, even just a spreadsheet, can help you see trends at a glance. When you review it regularly, it keeps you focused, proactive, and confident in your decisions. Instead of asking, “Am I doing enough?” you’ll know exactly where you stand and what to adjust.

Numbers aren’t just for accountants. The right measures act like a dashboard in your car — giving you a clear picture of how your business is performing and alerting you when something needs attention. Without them, you’re essentially driving blind.

When you track the right things, you stop working in the dark and start leading with purpose.