aptDigital Weekly (#1) Know Your Numbers!

By Alex | Newsletter

Nov 09

Hi, I’m Alex and this is the aptDigital weekly newsletter. Let’s use sales, marketing, and strategy to help your appliance repair business grow.

Pro Tip: Establish key performance indicators (KPIs) in your appliance repair business.

KPIs are quantifiable measurements used to gauge success. They help reach performance objectives, and are critical to building a successful business. But most important, you’ll be able to make better business decisions.

Here are two things you can do right now to start establishing your own KPIs:

  1. Review your profit and loss (P&L) statements on a monthly basis. You’ll start thinking about, and seeing, your business different. This will also force you to start recording data in a way that’s needed to set up your KPIs.
  2. Ask yourself “where do I want my business to be in 1 year?”, then ask the follow-up question “how can I measure this with the information found in my P&Ls?”. This will help you think about how to calculate your P&L data in a way to set up your KPIs.

Every business is different. But, there are a few standard KPIs that I recommend starting with:

  • Lifetime customer value. The average revenue that all customers (first-time and repeat) brings to your business.
  • New customer value. The average revenue that a first-time customer brings to your business.
  • Lead value. How much monetary value a new lead is worth.
  • Cost per lead. How much you pay to generate a new lead.

If you’d like help calculating your KPIs, then hit reply and let me know what you’re working on.

This Week’s Roundtable:

I host a free weekly Zoom call for appliance repair technicians and business owners. It’s a no pressure place/time to talk with each other about whatever’s on your mind.


Last night’s recording: https://youtu.be/lpcujSmUZn0

Highlights:

  • Repairing high-end appliances (0:40)
  • Talking through the diagnostic process (10:43)
  • Dealing with no-cool symptoms and a high-level discussion on refrigeration (21:15)
  • Utilizing contractors vs. building a referral network (25:45)
  • Why it’s important to know your numbers (35:09)

Check out past recordings here, and subscribe to my YouTube channel here.

News:

  • Google announces passage-based indexing (source)
  • Microsoft announces Clarity, a possible competitor to Google Analytics (source)

To your success,
Alex

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