Tracking Your Success: KPIs that tell the whole story
I recently posted about the seven areas in which to measure your success. If you didn’t read that blog, click HERE to read it and learn about the different ways we can measure our version of success.
Now it’s time to talk about what to do with that information so you can finish out 2021 with higher scores, in whichever area you want to improve!
Move forward by looking back
If you did read our last blog, you know that there are 7 (or more) areas that you can measure success. You can gage yourself on a scale of 1-10 in how well you’re doing in that area - it’s super eye opening to lay it out like that! But, digging in deeper is how you’re going to really make the changes you want to make.
Often, there are issues cropping up in your life that are working against you in the direction you want to be going.
Where are you getting hung up?
List the things that have held you back from excelling in these areas over the past 90 days, and then make a plan to address these larger obstacles and roadblocks first!
Know how you will measure your success - and how often
Have you heard the term Key Performance Indicators (also called KPIs)? They’re benchmarks you set for yourself, so you can keep track of your progress.
These are things like revenue per client, email open rates, client retention rate, profit margin, and other indicators unique to your business that show what’s working and what’s not. These are unique to you, your goals and the TYPE of business you’re running - a retail shop’s KPI’s might look very different from those of a business coach.
I used to only measure based on my top line to determine whether or not my business was a success. Looking at the income was my sole indicator for how my business was growing - regardless of the work I was putting in and any of these other factors.
When I started to really dive into my vision and reassess, I measured my KPI’s in a different way. I included my staff and team in my analysis, and I really considered what’s required of me. And, I also took a lot of time reflecting on how I was showing up in my business.
Was I spending more time than I wanted in my business? Was I missing out on day to day life with my kids?
It’s not always about the hard and fast numbers in business - there are more personal KPIs as well. What’s important is that we know what to measure in order to create the most successful business for US. And, that we use the same measurements over time, to truly see our progress.
Some of the KPIs I’m measuring right now in my business are:
Revenue per line of service
Profit Margin
Net Profit Gains (assessed against how much time I spend working)
Timing Tracking to assess if my time spent is doing things I treasure
These indicators help to show me how on track I am to reaching my goals and being in alignment with my values and the direction I’m trying to go. And ensuring that I don’t lose sight of who I am in the process.
To stay on top of this, I like to reassess every 90 days. A lot can happen in three month, right?! And it’s important for me to stay on top of this, so I take a look at all 7 areas every quarter.
How often will you take stock?
Commit to a change in how you do business
If you’re not happy with the numbers you’re coming up with - in any of the 7 areas of success we went over - you’re not alone. And, all is not lost. There is ALWAYS a lever you can pull, or a strategy you can implement to make a change.
With 2022 around the corner, I want to ask you something: Are you prepared to do things differently next year? Is this the year you finally structure your life and business around what matters?
There is a tipping point that comes when old broken systems aren’t working and delivering the results that you’re looking for. I find that it’s through a thorough examination and exploration that we can be ahead of this and make changes mindfully and intentionally, based on the direction we’re choosing to go.
Does this feel overwhelming or confusing to you? Are you not sure where to begin? I can help!
I can bring you clarity on where you are today and where you want to be, develop a clear focus on what’s needed to grow your business, and identify the next steps to take to prioritize the programs and projects for maximum impact and growth.
Let’s organize an action plan that works for YOU!