How Tracking KPIs and Metrics Can Help Grow Your Business
Top 3 Main Categories to Track
What Are KPIs?
A Key Performance Indicator is a measurable value that demonstrates how effectively a company is achieving key business objectives. Companies use different KPIs at multiple levels to evaluate their success at reaching targets.
KPIs are your goals.
What Are Metrics?
Metrics are quantifiable measures businesses use to track, monitor, and assess the success or failure of various business processes.
Metrics are how we measure your goals.
Why are KPIs and Metrics Important?
KPIs are the targets or goals of the business. Every business needs to have goals to achieve, or work, towards. You then need a way to measure those goals. For example, if you goal is to obtain 10 clients in the next 6 months, the goal would be 6. The metrics is the calculation of the measurement compared to last year, last month, or forecasted amount.
KPIs help business track how well they are doing to meet their objectives. Metrics help measure those KPIs and compare to another time.
How will you know if you are successful if you are not tracking your success?
Take Your Business to the Next Level
Now you are probably asking, “How can this help me grow my business?”
Let me tell you!
- Knowing the data and how it is affecting your business, will give you the direction to focus your attention.
- Knowing that your revenue is increasing or decreasing will definitely help you drive your business in the right direction for growth.
- Knowing if an email campaign was not gaining the engagement you had hoped, will give you the opportunity to change directions before spending too much energy on it.
- Knowing your Sales Team was killing it in Closing Rates will give you the opportunity to congratulate them and boost morale. On the other hand, knowing the Closing Rates were not good, gives you the opportunity to bring in some sales training to help your Sales Team up their game.
Knowing what the numbers are telling you gives you the opportunity to catch what isn’t working early and keep on doing what is working for greater revenue.
Top 3 Categories to Track
There are some metrics that every business has but may not be meaningful to their bottom line. The Top 3 Categories to Track your KPIs are:
- Financials
- Marketing
- Operations
Other categories can be tracked depending on the needs of the business and their KPIs.
If you are ready to start tracking your KPIs and metrics, you can contact me here to get started by filling out my contact form.
Looking to get your chaos in organized order, please schedule a FREE Discovery Call with me. I would love to hear from you and learn more about you and your business. I am an Online Business Manager, managing the overall process, turning your chaos into orderly, logical calm through business systems and automation and managing your back-end operations.
I hope I have been able to sprinkle a little happiness on you today! 😊
