3 Important Metrics To Measure In Your Business That Aren't Income
Written by: Sara Loureiro, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Income goals can feel so energizing and appealing in business especially when we think of what we can do with more money in our pockets. But they often get too much attention. By overly focusing on how much money a business makes we often overlook other aspects that arguably matter even more in terms of how successful a business really is.
Here are 3 other important metrics to consider the next time you’re writing down new goals to hit for your business.
Time Freedom
I know that the 6 and 7-figure businesses look very glamorous online but none of us really know what’s going on on the back end of that business. I’ve been interviewed by top 7 figure entrepreneurs that have jam-packed 40-60 hour/week schedules and I know that for myself I wouldn’t want to be at my desk for that many hours a week. I also know really successful entrepreneurs that work 3 hours a day and spend the rest of their time at the beach. Only you will know how much time YOU want to spend working. Spending your free time doing exactly what you want to be doing is just as important, if not more, than any arbitrary income goals.
Profits
You can spend 6 figures to make 6 figures, or you can spend much less and have a 5k/month business. While the bigger numbers look more appealing, they don’t mean much if you’re not taking the majority of that money home with you. None of us fully know how much each of our competitors are spending in their businesses to create the successful businesses they own so it’s important not to compare yourself and your business numbers to others. Instead, aim to have a healthy profit margin so that you’re able to actually enjoy the income you’re making.
Fulfillment
I’d argue that most people who read this magazine are looking for a fulfilling career that not only gives them a great income but that truly makes them feel that they’re changing lives. Income goals won’t mean anything if you’re not doing the work that lights you up. While making money and hitting new income heights can be exhilarating, make sure it’s not at the expense of having an aligned business that makes you happy you got started in your industry in the first place.
Sara Loureiro, Executive Contributor Brainz Magazine Sara is a Soulful Business Coach who specializes in helping online service-based entrepreneurs sign-on higher-paying clients and hit 6-7 figures through a combination of strategic marketing, neurolinguistic programming, and energetic work. After bringing her own business to 6 figures and quitting her 9-5 to move from Toronto to sunny and tropical Nicaragua, she isn't shy about walking the talk and living a freedom-based life. She is the CEO of sarajloureiro.com and has inspired thousands of women all over the world to quit their 9-5s, step into their leadership, and do purpose-driven work while getting paid abundantly for it through her numerous free training, extensive social media presence, and her work as the host of "The Uplevel Your Online Business Show" podcast. Her mission: to inspire women to take up space, make more money and step into their fullest potential.
