【正文】 繼續(xù)分析的?！　∈杖胧瞧髽I(yè)經(jīng)濟(jì)利益流入的主要入口。一般而言，收入只有在經(jīng)濟(jì)利益很可能流入從而導(dǎo)致企業(yè)資產(chǎn)增加或者負(fù)債減少，且經(jīng)濟(jì)利益的流入額能夠可靠計(jì)量時(shí)才能予以確認(rèn)?！　∈杖耄≧evenue）則是按照會(huì)計(jì)準(zhǔn)則對(duì)合同金額進(jìn)行確認(rèn)并計(jì)量的會(huì)計(jì)要素。在把這些簽約金額累加在一起之后就構(gòu)成了本年度公司記錄的新簽約合同金額（bookings）。　　第一、（Bookings vs. Revenue）　　我們可以把booking理解為簽約記錄。財(cái)務(wù)數(shù)字是在會(huì)計(jì)的語(yǔ)言體系下對(duì)公司過去業(yè)務(wù)成果進(jìn)行的描述?！　『芏嗳瞬⒉磺宄I(yè)務(wù)數(shù)字和財(cái)務(wù)數(shù)字之間的差別。　　We have the privilege of meeting with thousands of entrepreneurs every year, and in the course of those discussions are presented with all kinds of numbers, measures, and metrics that illustrate the promise and health of a particular pany. Sometimes, however, the metrics may not be the best gauge of what’s actually happening in the business, or people may use different definitions of the same metric in a way that makes it hard to understand the health of the business.　　So, while some of this may be obvious to many of you who live and breathe these metrics all day long, we piled a list of the most mon or confusing ones. Where appropriate, we tried to add some notes on why investors focus on those metrics. Ultimately, though, good metrics aren’t about raising money from VCs — they’re about running the business in a way where founders know how and why certain things are working (or not) … and can address or adjust accordingly.　　　第一部分：業(yè)務(wù)與財(cái)務(wù)指標(biāo)　　對(duì)于多數(shù)早期創(chuàng)業(yè)公司而言，財(cái)務(wù)指標(biāo)并不是做判斷時(shí)的決定性因素，但的確是重要的投資標(biāo)的質(zhì)量對(duì)比指標(biāo)?！　　”疚姆譃槿糠郑骸　　　）業(yè)務(wù)與財(cái)務(wù)指標(biāo)；　　　　B）產(chǎn)品與用戶指標(biāo)；　　　　C）指標(biāo)的展示形式　　在使用它們時(shí)：　　首先，使用者需要知道應(yīng)該選擇哪個(gè)指標(biāo)，這需要根據(jù)業(yè)務(wù)的實(shí)質(zhì)來進(jìn)行選擇；　　其次，使用者要明白所使用的指標(biāo)背后所代表的真實(shí)情況是什么，這包括過去、現(xiàn)在和未來的情況；　　最后，使用者根據(jù)指標(biāo)所反映的真實(shí)情況決定進(jìn)一步的投資、戰(zhàn)略或者運(yùn)營(yíng)動(dòng)作。但，真實(shí)情況是怎樣的？　　其實(shí)需要回答的問題是：如何衡量一家初創(chuàng)企業(yè)的真實(shí)情況？　　一篇文章很難說清楚這件事，我們只能粗略說一下用來衡量真實(shí)情況可能會(huì)用到的工具。本文里的很多指標(biāo)適用于SaaS類的2B服務(wù)公司。A16Z的合伙人之一Andreessen Horowitz是暢銷書《創(chuàng)業(yè)維艱》一書的作者。　　本文原文由 A16Z多位投資人集體創(chuàng)作。16個(gè)經(jīng)營(yíng)指標(biāo)避免掉坑摘要：財(cái)務(wù)指標(biāo)并不是做判斷時(shí)的決定性因素，但的確是重要的投資標(biāo)的質(zhì)量對(duì)比指標(biāo)。比如說，O2O公司在一定的時(shí)期里可能的確需要通過燒錢來擴(kuò)大市場(chǎng)份額，但到了一定的階段之后以收入為代表的財(cái)務(wù)指標(biāo)會(huì)說明很多問題。A16Z是世界知名的頂級(jí)風(fēng)投公司，Skype, Facebook, Instagram, Twitter, Foursquare, Pinterest, Airbnb, Zynga, GitHub, Jawbone, Lyft, Oculus, Slack, Zenefit等等都是其被投企業(yè)?！　∮⑽脑挠行┑胤降谋硎霾⒉粶?zhǔn)確，所以我們的中文解說未必與其一致?！　∮幸痪湓捳f的好：You can’t manage what you don’t measure.　　我們看到各種各樣的初創(chuàng)企業(yè)，似乎大家都拿到了錢而且活的不錯(cuò)。具體運(yùn)用需要區(qū)分行業(yè)、運(yùn)營(yíng)模式、業(yè)務(wù)發(fā)展階段并結(jié)合未來戰(zhàn)略布局才有價(jià)值?！　∵@里，“使用者”基本上指的是（潛在）投資人和創(chuàng)業(yè)公司的管理層。比如說，O2O公司在一定的時(shí)期里可能的確需要通過燒錢來擴(kuò)大市場(chǎng)份額，但到了一定的階段之后以收入為代表的財(cái)務(wù)指標(biāo)會(huì)說明很多問題。兩者的區(qū)別非常清楚，不可混淆。要對(duì)公司的實(shí)際情況加以了解，財(cái)務(wù)和業(yè)務(wù)數(shù)字的互相印證是不可缺少的。在一個(gè)會(huì)計(jì)期間（通常為一年）里跟誰(shuí)簽了銷售合同，合同的簽約金額是多大，公司會(huì)拿個(gè)小本本記錄（book）下來。它并不屬于會(huì)計(jì)概念，這個(gè)數(shù)字過于粗糙，對(duì)于分析公司的真實(shí)情況通常沒有太大的借鑒意義。按照會(huì)計(jì)語(yǔ)言的定義，收入是指企業(yè)在日?；顒?dòng)中所形成的、會(huì)導(dǎo)致所有者權(quán)益增加的、非所有者投入資本的經(jīng)濟(jì)利益的總流入。之所以這樣規(guī)定是為了滿足財(cái)務(wù)報(bào)表的謹(jǐn)慎性原則，盡量減少夸大公司業(yè)務(wù)優(yōu)勢(shì)對(duì)投資者形成的決策誤導(dǎo)?？词杖氲慕^對(duì)值和增長(zhǎng)率是投資人最初要看的數(shù)字之一?！　×硗猓晕⑵占耙幌?，會(huì)計(jì)要素一共有6個(gè)，分別是利潤(rùn)表里的收入、費(fèi)用、利潤(rùn)和資產(chǎn)負(fù)債表里的資產(chǎn)、負(fù)責(zé)和所有者權(quán)益?！　 mon mistake is to use bookings and revenue interchangeably, but they aren’t the same thing.　　Bookings is the value of a contract between the pany and the customer. It reflects a contractual obligation on the part of the customer to pay the pany.　　Revenue is recognized when the service is actually provided or ratably over the life of the subscription agreement. How and when revenue is recognized is governed by GAAP.　　Letters of intent and verbal agreements are neither revenue nor bookings.　　第二、（Recurring Revenue vs. Total Revenue）　　Recurring的字面意思是“重復(fù)出現(xiàn)的”，我們可以將其理解為由日常業(yè)務(wù)產(chǎn)生的經(jīng)常性收入?！　≡谕顿Y人進(jìn)行財(cái)務(wù)盡職調(diào)查時(shí)，非經(jīng)常性收入通常都是會(huì)被剔除在外的?！　16Z的投資人在此提出了三個(gè)經(jīng)常性收入指標(biāo)：　　1）ARR（年度經(jīng)常性收入）是做業(yè)務(wù)分析時(shí)最基本的經(jīng)常性收入指標(biāo)，它是名副其實(shí)的“主營(yíng)業(yè)務(wù)收入”。分析時(shí)可以對(duì)用戶區(qū)分類別，看不同類別單個(gè)用戶ARR同比/環(huán)比變動(dòng)情況。　　3）MRR（月度經(jīng)常性收入）是以月度為頻率的經(jīng)常性收入，它是對(duì)SaaS公司進(jìn)行業(yè)務(wù)分析時(shí)的重要指標(biāo)?！　nvestors more highly value panies where the majority of total revenue es from product revenue (vs. from services). Why? Services revenue is nonrecurring, has much lower margins, and is less scalable. Product revenue is the what you generate from the sale of the software or product itself.　　ARR (annual recurring revenue) is a measure of revenue ponents that are recurring in nature. It should exclude onetime (nonrecurring) fees and professional service fees.　　ARR per customer: Is this flat or growing? If you are upselling or crossselling your customers, then it should be growing, which is a positive indicator for a healthy business.　　MRR (monthly recurring revenue): Often, people will multiply one month’s allin bookings by 12 to get to ARR. Common mistakes with this method include: (1) counting nonrecurring fees such as hardware, setup, installation, professional services/ consulting agreements?！　∶麧?rùn)（率）衡量了主營(yíng)業(yè)務(wù)在發(fā)生期間費(fèi)用之前的銷售獲利水平。銷售成本內(nèi)所包含的成本項(xiàng)目是和銷售商品及提供服務(wù)直接相關(guān)的成本項(xiàng)目。　　通常，制造業(yè)的毛