To monitor how we’re doing, we track Key Performance Indicators – KPIs. You should, too.
KPIs are the operational and financial measures that will have the greatest impact on the success or failure of a business. They are always important – and even more so now in this slow and tough-to-make-money economy.
KPIs need to be relevant, timely and impactful. If they are too far in the past the information won’t be very helpful. Some KPIs are useful from daily reports, some weekly, others monthly. If they are beyond our control, they provide information only and are not actionable. KPIs should be made known on a timely basis to the people who can impact them. When identifying KPIs, drill down to the activity which causes the desired result. For example, what activity drives sales? Is it the number of customers contacted – how many people did you see this week? Is it the customer service index? Is it customer follow-up? Is it just asking for the business – the would you like fries with that? which made McDonald’s famous?
We have developed KPIs for many companies. Every one improved performance. One client doubled their annual net income; a $400,000 improvement. Another credited us with an entrepreneurial award-winning year. Other companies became saleable and at a higher price. And each had improved engagement with their team.
We are happy to help you, too.
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