April 20, 2017
Success as a startup is measured in a lot of different ways. Some people think a high valuation is the key to turning heads in the business world, while others believe traction is the only real way to make waves as a new company. But if you aren't keeping track of the smaller things, you aren't going to be successful no matter how good your idea is.
Thanks to an infographic from Funders and Founders, you'll be able to keep track of all those smaller things you need in order to be successful. Their infographic details 34 specific metrics that startup founders can use to inform on business decisions, potential partnerships, and marketing strategies in the future.
While most entrepreneurs agree that rate of revenue plays a huge role in evaluating your company, this list goes a little deeper to get a full picture of what you're doing right and, more importantly, what you're doing wrong. From growth and active users to organic traffic and virality, you need this information to keep you honest when deciding the direction of your company.
It's important to remember that keeping track of these metrics is not the only step in the process. If you're going to measure these elements of your business, you need to act on them afterwards. Because numbers without action are pretty much useless.
“Metrics are for doing, not for staring,” said Stijn Debrouwere, a data scientist and statistician that has worked for The Guardian, Fusion and many others. “Never measure just because you can. Measure to learn. Measure to fix.”
If you think you need a more in-depth look at what you're startup is up to, take a look at the metrics below and start taking the trajectory of your company seriously.
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