KPIs - how do they drive your business growth?
10th April 2017
You’ll appreciate that your business success and results don’t come out of thin air. They are a consequence of the strength and effectiveness of your everyday activities.
Your KPIs, which stands for 'Key Performance Indicators', measure your everyday activities. So you can test enhancements to your daily working systems and see whether the changes you make positively affect your KPI figures.
The beauty of focusing on your KPIs and improving them is that it helps you achieve the double whammy of:
- Enhancing your customer experience and care
- Improving the success and driving the growth of your business
When you are deciding what KPIs to measure in your business, consider the following:
You may have a business goal to provide an exquisite customer 'journey'.
In this instance, you will increase your chances of achieving this goal by measuring each step in this journey. So KPIs such as the level of enquiries converted to new customers, delivering the first product or service to them, and so on.
You can sense how working on improving this type of KPI helps you achieve the double whammy above.
Your personal goals can come into play here too. If, as the business owner, you are looking to reduce your working hours, you may want to measure and maximise KPIs around the performance and output of your key team members before doing so.
Your customers’ priorities
One school of thought suggests that when you look after what your customers care about, the rest will follow.
So consider how your customers evaluate their experience with you. For instance is it speed of service? Quality of product?
Then measure it.
You’ll need to get your team involved in defining, measuring and improving your KPIs.
You’ll find it’s well worth the effort when you start to have productive conversations on the improvements you can make.
KPI improvement is a passion of mine, so do please contact me with any questions on 01249 712074 or via email email@example.com.
Dee Gerrish, Business Consultant