Tracking And Measuring Will Make You & Your Business More Profitable / by Kerri
To make your business more profitable, you must be consistent about tracking and measuring. Start by determining what your key performance indicators are and then decide how you want to measure and track them.
3. Identify What Your Key Performance Indicators (KPI) Are:
You must identify and track your KPI religiously. You must be a fanatic about following these numbers. These are the numbers you receive and track in:
- Your daily reports
- Your dashboard
You already have many tools that deliver some of your KPI:
- Constant Contact
- Google Analytics
- Your bank accounts
What else do you need?
Are there other KPI that you need from your call center, from distribution, from your merchant account? To be of value towards your exit, they must be written down, recorded in a way/form/place that create a uniform history accessible to key executives – not verbal reports, or text messages, or instant messages.
4. Decide How to Measure
Use whatever form or style, template or spreadsheet that works for you. Discuss and train your team on what you are tracking, what measures of change you are looking for and how these measures impact options and decisions every day. Only when you put enough value on these KPI, will your team pay attention and both deliver the data and pro-actively strive to hit better numbers.
Tracking and measuring does not have to cost anything. Use what you have already. Tracking and measuring can be:
- Manual (inhouse & outsourced)
- Online (e.g., Google Docs)
- Automated (in your Contact Management software, in your operations and logistics software, in your current marketing reports)
Check what you have running. Add to your daily reports and your dashboard only those new KPI that you absolutely need to accelerate growth, maximize value, and make your business buyer ready.
- Keeping your own checkbook vs having your bookkeeper balance the books
- Set up software tools that work in the background tracking everything for you.
- Implement tools or software that automate tasks and reports