KPIs - Heartbeat of Your Business
KPIs: Huh?!
KPIs, or Key Performance Indicators are the heartbeat of your business! KPIs tell you which parts of your business are healthy and strong as well as alerting you to which parts are causing your business pain and may need attention.
I DON’T NEED KPIs: I KNOW MY BUSINESS
Right now if someone came in and asked you how the operations of your company are doing. Could you give them a honest and confident answer backed by anything more than gut instinct? When you are small and can touch each part of your business you might be able to tell someone at any given moment the health of your business. However as you start to grow there come points at which you just can’t keep up with all the little things. Data starts to sprawl out, new locations start to open, new products, new contracts, more employees… That instinct you had because you were around and touched every part of your business every day starts to dull. You need more. You need KPIs!
BEYOND THE HYPE
Ok, I know that’s all sounds like just a bunch of words, but you are still here, thank you for bearing with me.
What really is a KPI and how does it help you. Let’s get down to brass tacks!
Remember when you first started and you knew your employees personally, maybe even every customer personally… I mean really knew them. You knew who they were, where their kids went to school, the names of their pets, how the baseball (or softball in my daughter’s case) game went. Starting to realize you don’t anymore aren’t you? Well a KPI isn’t going to tell you how their kid’s ballgame went, but performing employee surveys and having results in a dashboard with KPIs will tell you how the culture of your business is. Having the data from all of your sales systems and on that dashboard having results for the past month / quarter / year at your fingertips measured against your KPIs and scored will tell you the health of your sales. In addition that sales data on your dashboard gives you insight into the trends of the purchase patterns of your customers, tells you when you have seasonality in your business and allows you to anticipate needing additional workforce due to growth.
The winning combination of Data Analytics (dashboards), KPIs, and business goals work together to enable a data-driven business. The data is already in the systems you use, it’s just a matter of making it available to you all in one place - at your fingertips!
HOW?
Whether you want to learn to walk this path on your own by gaining the skills and knowledge to do so, or partner with a consultant to help you, we are here! Begin your journey into data-driven decision making by requesting our FREE KPI Guide and KPI Assessment ! If that gives you all the information you need to get started, awesome, I am super excited anytime someone gets the data bug! But… If you need help be sure to reach out to us for a free consultation where we can discuss what data you have, potential ways to access it, and how to set your business on it’s path to data-driven growth and success!