This shouldn't be a surprise but at BrightGauge we're all about managing our business through metrics. And I say it isn't a surprise because our product is a reporting platform that helps other businsess visualize their metrics on a daily, weekly, monthly basis. We're continually trying to refine our metrics (and help our clients do the same) but its an ongoing battle to know whats important and how to measure it.
Yesterday, late afternoon, my brother was giong through our key metrics again (new customer signups, customers lost, reports delivered, custom gauges created, etc) and we unbeliveably realized the math we had applied to one of our key metrics was all wrong. And equally unreal, we went from having a problem area in our business to doing "just fine" in comparison to other similar businesses…. in just one formula change.
After awkwardly patting myself on the back for not having a true problem area (previously, it was just slapping myself in the face), I've been trying to think of "what to do next". Do we ease off the gas on this area, do we continue improving, how do we tell the team that what was a problem is no longer one, because of a wrong denomitoater?
It's been an interesting 12 hours because this change will probably shift our attention a bit and put the spotlight on either real problem areas or in areas for investment (or both). All thanks to revisiting our metrics.
The point here is share that even a company like ours, who prides themselves on metrics, needs to constantly work at them. How often are you reviewing your metrics and making sure they are the right ones for your business, that they are calcuated right, and are a true focus of how you manage your business? If you're not doing this, you could miss out on a simple revelation that could improve your business focus overnight.
Big shout out to @ericdosal who figured out the denomintor was wrong. You're good… 🙂