Helping Small Businesses get organized in order to set up systems to monitor, track and determine the growth of your business.
First let’s learn what some terms mean which will be used in this post.
- What is a “Goal”? A goal is the results you want to achieve, improve or maintain to achieve your key business objectives – both short term and long term
- KPI is short for “Key Performance Indicator”. A Key Performance Indicator is a measurable value that demonstrates how effectively a company is achieving key business objectives or goals. Business KPIs track the progress which is crucial to achieving the company’s goals and maintaining growth.
In order to know the health of your business you need to be able to measure your key performance indicators (KPI). There are two main categories; financial and non-financial. There are mini-categories under each one. There are five main categories: Overall Business; Financial; Sales; Marketing; and Project Management. Different types of businesses may have more. You may want to break each category down into more precise categories. Every business will have various benchmarks or steps they need to set in order to ultimately reach their goal.
Once you have set your goals and determined your KPIs now the question is how do you monitor them? There are many ways out there today to track and monitor them; and you may want to look at a few of them. However, every tracking and monitoring program requires you to have the data necessary to get the metrics required.
Setting up systems to gather, track, and measure your progress and growth is the only way to do this.
First, figure out what your goals are that you want to achieve, improve or maintain; both short term and long term.
Second; set up your KPI’s (the steps or benchmarks) it will take to obtain that goal.
Third; set up systems to track and measure them.
Here at Just Fix This Mess, Inc. we have designed a tool to help you set your goals and KPIs for each one.
If you need further assistance in setting up your data management systems for your business metrics please contact us and we will sit down and go over how we can help.