3 Biggest Metrics For Growth In Your Business

Sometimes the biggest impacts are the ones we easily overlook. When your business runs into a slump and you want to fix it, your natural inclination is to look to add something new. Maybe you should try Facebook Ads, or you heard Instagram Reels are great, or maybe you need a new lead magnet?

But what if, before jumping to add something new, I told you that the biggest growth metrics are much more foundational. Almost so foundational that you have probably never even analyzed these very metrics that could make or break your business.

I initially learned this method from Alex Hormozi on his podcast, The Game, so I can’t take credit for these concepts. You should go check out his podcast for his insight on this concept and just all around great insights on business in general. But here is my take on these three growth metrics and how this matters to you.

#1: YOUR MARKET

If sales are in a slump, the very first thing you need to look at is the market you are in. I don’t mean the overall market; I mean, your niche or who you are making your sales to. You are going to want to look at some key metrics related to your market to determine if this slump is related to something you are doing (which is good, because you can fix it), or whether it is related to an overall decline in the market itself (which is bad, you cannot fix this).

Your Competitors

I suggest creating a SWOT (strengths, weaknesses, opportunities, threats) analysis to begin. Identify who your competitors are in the market. Are they better or worse at delivering a solution to your market? Are there any gaps you could fill they are missing? Are you better or worse than the competition? Are they advertising the same amount as you or more? What do their customers have to say about them?

Market Size

This one is a big one. Picking a market with the right size is key to your success as a business. This is your sales potential in terms of units sold. To analyze your market size, you’ll want to take note of whether this market is big enough to meet your sales goals over many years. Let’s say you want to make $1,000,000 a year pre-tax and your product is $250. That means, you’ll need to sell…