1. 75% Temporary Wage Subsidy during COVID-19
  2. Free Cashflow Stress Test
  3. Free Survival Planning Session
  4. 7 Steps to Pivot Your Marketing
  5. SWOT Examination and Opportunity Planning Session
  6. BDC Small Business Loan
  7. What is the Temporary Wage Subsidy for Employers?
  8. EWSP (Employment Work Sharing Program)
  9. Business Oxygen
  10. How to Close More Sales
  11. Why Connecting with the Tough Decision Makers is Worth Your Time
  12. Having A Bad Day? Find Something Beautiful
  13. What are you worth?
  14. 10 Ways to Foster a Culture of Innovation and Creativity
  15. What are you Measuring in Your Business
  16. 7 Ways to Dramatically Grow Your Business
  17. Company Culture – How to Cultivate the Right Kind for Your Business
  18. How to Keep Your Employees Happy at Work
  19. Four Reasons to Use B2B Email Marketing
  20. Qualities of Good Leaders
  21. How Stress Can Affect Your Job Performance
  22. Making a Customer Relation Management (CRM) System Work For You
  23. Do You Have The Symptoms Of Affluenza?
  24. Culture Of Leadership
  25. A Business Coach Engages in Provocative Conversations
  26. Are You A Carrot, An Egg, Or A Coffee Bean?
  27. Measure Your Way to Success by Using KPI’s
  28. Ensure a Good Return on Your Investment
  29. A Business Coach; A Clients Journey to Self Discovery
  30. Is Your Business Growing or Dying
  31. Breakeven Analysis
  32. Keeping Score in a Winning Business
  33. Exercise wisely…
  34. Roots
  35. Muck & Money
  36. Who said that?
  37. Why are owls so wise?
  38. Business Success: Eight Fundamentals
  39. Uncomfortable Conversations
  40. Are you working hard or just working long hours?
  41. Investing Time on the Right Tasks
  42. COACHING — Not just for GOLF!
  43. Don’t Think Outside the Box – Redefine It!
  44. Ten Reasons People Resist Change
  45. The Art of Delegating
  46. How to Make Your Business Writing Twice as Good
  47. Increase Profits by “Pruning” Your Business
  48. Features versus Benefits
  49. Are you lucky? Or just on your game?
  50. 10 Elements of a World-Class Company
  51. How fresh are your marketing strategies?
  52. Business: The $20,000 Phone Call
  53. Business – Game Changer
  54. Are you still learning?
  55. Riding a Dead Horse
  56. Business & Baseball
Wednesday, April 8, 2020
  1. 75% Temporary Wage Subsidy during COVID-19
  2. Free Cashflow Stress Test
  3. Free Survival Planning Session
  4. 7 Steps to Pivot Your Marketing
  5. SWOT Examination and Opportunity Planning Session
  6. BDC Small Business Loan
  7. What is the Temporary Wage Subsidy for Employers?
  8. EWSP (Employment Work Sharing Program)
  9. Business Oxygen
  10. How to Close More Sales
  11. Why Connecting with the Tough Decision Makers is Worth Your Time
  12. Having A Bad Day? Find Something Beautiful
  13. What are you worth?
  14. 10 Ways to Foster a Culture of Innovation and Creativity
  15. What are you Measuring in Your Business
  16. 7 Ways to Dramatically Grow Your Business
  17. Company Culture – How to Cultivate the Right Kind for Your Business
  18. How to Keep Your Employees Happy at Work
  19. Four Reasons to Use B2B Email Marketing
  20. Qualities of Good Leaders
  21. How Stress Can Affect Your Job Performance
  22. Making a Customer Relation Management (CRM) System Work For You
  23. Do You Have The Symptoms Of Affluenza?
  24. Culture Of Leadership
  25. A Business Coach Engages in Provocative Conversations
  26. Are You A Carrot, An Egg, Or A Coffee Bean?
  27. Measure Your Way to Success by Using KPI’s
  28. Ensure a Good Return on Your Investment
  29. A Business Coach; A Clients Journey to Self Discovery
  30. Is Your Business Growing or Dying
  31. Breakeven Analysis
  32. Keeping Score in a Winning Business
  33. Exercise wisely…
  34. Roots
  35. Muck & Money
  36. Who said that?
  37. Why are owls so wise?
  38. Business Success: Eight Fundamentals
  39. Uncomfortable Conversations
  40. Are you working hard or just working long hours?
  41. Investing Time on the Right Tasks
  42. COACHING — Not just for GOLF!
  43. Don’t Think Outside the Box – Redefine It!
  44. Ten Reasons People Resist Change
  45. The Art of Delegating
  46. How to Make Your Business Writing Twice as Good
  47. Increase Profits by “Pruning” Your Business
  48. Features versus Benefits
  49. Are you lucky? Or just on your game?
  50. 10 Elements of a World-Class Company
  51. How fresh are your marketing strategies?
  52. Business: The $20,000 Phone Call
  53. Business – Game Changer
  54. Are you still learning?
  55. Riding a Dead Horse
  56. Business & Baseball

One of the things I enjoy about watching a good basketball game is the commentator’s use of statistics.

I’m amazed by the wide range of statistics used and the conclusions drawn in the commentator’s analysis of the game. Statistics, in many ways, really tell the story of how the game was won or lost. In a similar manner, business is a game, and in the “game of business,” it’s just as important to know your numbers as it is with any sport. Simply put, if you can’t measure it, you can’t manage it or improve it.

To effectively measure progress in business, top companies around the world use Key Performance Indicators (KPIs). KPIs are quantifiable metrics linked to the results the business produces from the execution of its strategies, processes and systems.

Why are KPIs so essential?

KPIs provide an objective viewpoint of your company’s performance, relative to your business goals and to any other industry benchmarks. A business owner can walk through their business and get a sense for what is happening by listening to employees and seeing the business activities that are occurring.

However, this is not enough. Objective as you may try to be; you as the owner have certain biases and can only see your business through distorted lenses. If you haven’t quantified the results in your business, then it’s nearly impossible to be objective about it. Instituting KPIs provides this needed objectivity, allowing you to see the business as it really is and helping you to better predict issues before they become a crisis.

From your team’s point of view, good KPIs can also minimize subjective evaluations of their performance. As they say, “numbers don’t lie.” KPIs are usually presented in management reports and should be organized in a manner that provides the business owner with information that’s meaningful and easy to understand.

Some management reporting tools used for reporting KPIs that you may have heard of include a “dashboard” or “balanced scorecard.” These tools are common in many large organizations and have been adopted by smaller companies as well.

When developing management reports it’s a good rule of thumb to ensure that the data is collected for efficiency, but reported for utility. Collecting the data shouldn’t require hours of employee time nor present any significant hindrance to their performance. At the same time, the data should be organized and presented in a meaningful way to the business owner, whether it be through charts, graphs, numbers, etc.

The next key in developing KPIs is to understand each metric’s ideal range and then to look for the exceptions that fall outside the range. Those metrics will require attention and action.

Based on the result of the metric, you as the owner can then determine the strategies and activities needed to improve the metric.

As an example, let’s assume that you are tracking your lead conversion rate (percentage of leads that turn into customers) on a monthly basis. You notice that one month it drops by 10%, which is outside the range you desire. After asking questions of your sales team, you determine that perhaps the competition has become more intense for certain products or services. Now you must determine the strategies you’ll implement in order to raise that specific KPI.

Such strategies could be testimonials, more sales training, a stronger guarantee, etc. After implementing the strategies, the following month you will then determine what impact the chosen strategies have had upon your lead conversion rate.

Is there one universal set of KPIs for every business?

Unfortunately not! The key is to establish the indicators that are vital to your business and lead to important outputs. The KPIs selected should also be aligned with the goals and objectives of your business.

From a marketing perspective, some indicators could include the number of leads, lead conversion rate, average sale/client, number of transactions/client, etc. Some other general classifications where you should have KPIs include employees, customer satisfaction, production and productivity, market standing and competitive position, administration and financial indicators.

This list may seem overwhelming, but keep it simple and start with a few and add more over time.

Kent Boehm
Business & Leadership Coach
403.690.8363 or kent@ninebusinessgroup.ca

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