KPIs: focus on the critical numbers
Ah, Key Performance Indicators… what do you do when you hear those three little words? Sigh? Get excited? Think, oh yeah, I haven’t looked at those in a while. Well, if it’s the latter, drop everything and get to it! Because KPIs are one of the most valuable tools you can have for your business. Here’s why?
Firstly, because they’re measurable; KPIs are one of the few tools we have where you can actually measure if what you’re doing is working. Without set KPIs – much like goals and objectives – how do you really know if your people and business are moving forward, or remaining stagnant?
Secondly, KPIs are a great motivator for staff.
And lastly, and perhaps most importantly, setting KPIs allows you to focus on what really matters; those areas that lead to the most growth and success for your business.
But what’s best practice when setting yourself or your team members KPIs?
Well, here’s the thing, it doesn’t have to be hard. Put simply, find the critical areas or numbers to track in order for the business to grow. These might be different for individuals within your organisation, or they could be the same for everyone.
But, once you’ve determined exactly what it is that you want to measure, follow these 5 steps:
Document all of the marketing / sales / promotion strategies you are currently using (if you are not planning these you need to get started).
Set at least 1 key metric for each strategy or process.
Assign KPIs to the team members who are responsible for those areas, and make sure they own them!
Check those metrics every week / fortnight / month (whatever is best), and after some time, make amendments or ditch the strategies that are simply wasting your time, and not fostering growth or sales.
Celebrate progress!
Get tracking!