Profit by Design 233: Advancing with Key Performance Indicators
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Do you ever feel like your business is taking over your life? I want to share with you a simple way to feel in control and in the driver’s seat of your business. This happens by utilizing a few key performance indicators, and last week’s show was about getting started with KPIs. It’s not enough to get started, but you have to keep moving to advance with KPIs in your business. Let’s talk about the next steps on today’s show!
Profit by Design is a Tap the Potential Production.
Show Highlights:
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How tracking KPIs consistently can help you spot potential problems before they become big problems
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An example of how our KPIs tell us what podcast listeners want to hear–and why our downloads are steadily increasing past the 100,000 mark
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How continual tracking of KPIs allows you to take preventative action to correct cash flow problems
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How to create your dashboard (spreadsheet) with high-level KPIs:
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Your revenue goal
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Your percent of goal achieved weekly
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Your revenue booked weekly
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Your operating expenses
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Your weekly sales
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Why you need to track KPIs in key areas of your business using the ACDC model (In Clockwork, Mike Michalowicz identifies the ACDC model: attract, convert, deliver, and collect.)
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Attract: Refers to your marketing efforts.
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Convert: Refers to your sales.
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Deliver: How well your team is delivering around your sweet spot (your net promoter score)
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Collect: Collecting payments for services delivered
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How the employee net promoter score can help measure team happiness
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Why it’s important to establish a baseline for each KPI, set quarterly goals with your leadership team to improve KPIs, and set aside time to review KPIs weekly
Links and Resources:
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