What are the most important business metrics to measure?
Knowing how to track and interpret your business metrics can feel overwhelming. There are so many numbers, statistics, and reports that the most important figures and facts can get lost in the mix.
So how do you know what to focus on?
Profit is arguably the most important metric. It indicates, bottom line, if you’re making money or losing money. But to fully understand what it means, you need to understand the elements that go into it. Let’s call it a profit puzzle.
Some of the key pieces of the puzzle are:
Revenue from sales
Expenses like rent, payroll, taxes, etc.
Cost of goods sold
Sales and order value
These numbers will tell your business’ story and help you understand which areas are disproportionately high or low. Depending on your specific business goals, you can tweak these numbers to make the pieces of the puzzle fall into place.
How do I track my profit on Shopify?
As a full-service agency, we’re always looking for the best apps and products to help our clients succeed. When it comes to something as complex and important as tracking profit (and everything that goes into it), we searched for a smooth and simple solution.
If profit is the king of all metrics, BeProfit is the royal bookkeeper. The BeProfit profit calculator app is Shopify's most accurate profit dashboard, built to help you discover your true profits and track all of your expenses in one place.
With loads of features, you have the tools, insights, and funding needed to grow your business. Plus, as developers, we love an easy-to-integrate solution.
All of this leads to data-driven decisions that will optimize your bottom line.
BeProfit automatically pulls your Shopify and ad account data in and spits key reports and metrics out in easy-to-understand charts, including information on customer lifetime value.
This helps you hone in on key metrics without pouring over never-ending, meaningless numbers.
To get a hold of your business metrics, focus on the profit puzzle. Use BeProfit to understand the basics that make your business tick and how they intertwine. Then, you’ll know exactly which levers to pull to accomplish your goals.
Check out BeProfit in the Shopify app store. Don’t just trust us - take a look at their 4.9 rating in the app store and the 170+ positive reviews.
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