Stop - Look - Listen
You've got your plans in place.
But how do you know you're on track for success?
In January we took time for thinking, planning, and preparing our next move. Now that we know where we're going and how we're going to get there, we need to evaluate our progress along the way.
Are we hitting the right checkpoints, at the right time, and in the right order?
When a Boeing 777 sets off from Gatwick with 350 passengers, and a hold full of luggage, the pilot has more than a vague idea of where to point the plane. The dashboard is full of dials to help the pilot monitor global position, air speed, altitude, time travelled, fuel levels, engine performance etc. Ensuring that when the plane touches down it lands not only in the right country, but at the right airport and with 350 happy passengers!
Setting the right measurements for our business will enable us to review and evaluate our actions against our business plan. We'll then be sure to hit our targets and goals. For every business these measurements will vary. But it's important to reflect the whole company, not just the sales figures (although these are very important).
Examples of potential Key Performance Indicators across the business are:
- Product: Quality checks on finished product/standard of service
- Customer Service: Mystery shopper results
- Operations: Output quantity, delivery times, response times
- Sales + Marketing: New leads, conversions, sign-ups
- Finances: Profit & loss statement, budget reports
- People: Appraisals for efficiency, productivity, motivation, and teamwork
- Planning: Quantitative evaluation of results against targets
Knowing which KPIs are most suitable for your business will depend on your industry, knowledge of your business, and the direction your business plan is taking you. If you're not sure, we can of course help.
The ideal KPI will give maximum insight - with least effort.
With these checks in place we can hold our teams accountable, troubleshoot, adjust, or reassess our business plans if necessary.
Now you're rushing ahead with your plans - to make sure you're on track:
STOP, LOOK at your KPIs, and LISTEN to what they're telling you.
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