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EPISODE IN BRIEF
Today’s discussion dives into KPIs and why they are so important in business.
Measurable progress is not an option – it’s a mandatory strategy for determining success with numbers – and knowing how to read them!
That’s not just financial numbers on profit and loss, but sales and marketing as well as employee performance numbers.
This chapter asks the big questions. Do you have KPIs in place, can your read them, and ultimately, do you know what to do with them?
Listen as Nick and Chris chat about KPIs and their role in the overall health of your business….
Time Code/Show Notes
2.10 Business coaching expert Nick Psaila sees a downfall when business owners ignore the numbers game because they don’t know what the numbers mean.
6.10 Success is not how much you have in your account – it’s how much you have left AFTER you’ve paid for everything.
5.50 The numbers give you perimeters. Nick equates numbers in business to the numbers run in a routine blood test and decoded by doctors.
8.20 Find out what your fixed break-even costs are before you even begin. Leases, wages etc combined with variable costs like vehicle regos, fuel…Look at your break-even so you have a perimeter to go above and beyond that figure.
11.10 How do you get a hold of these numbers? They are ALL available through your accountant.
11.37 Connect effort with the outcome. The effort could be how many emails are made or phone calls to prospects.
14.55 Be mindful that any change in KPI efforts will have a ripple effect in different areas. From efficiencies through to how the team communicates; even taking a half-day off will have a flow-on effect to your staff.
17.00 Chris agrees, you could be holding up the efficiency of everyone else’s role if you’re not savvy enough with your time or communications. Making a time or efficiency metric KPI could go a long way to focusing your attention on what really matters.
18.20 KPIs are the measurables. Delegation and forward planning to hit targets are your “friends”
19.05 Wins and losses. How do you process both? Do not concentrate on the losses – instead move the KPIs so you’re out of the negative headspace.
23.40 KPIs give you a result – good or bad – it’s a result achieved. Negative headspace should not be dwelled upon – view the win/ loss with a clear mind for improvement.
26.15 KPIs can give you an understanding of scale and efficiency.
27.40 Technologies: in order for you to expand on what you’re doing, technology instead of “old school” enables you escape the bottleneck in order to scale.
30.45 Reach out to ask@upcoach.com.au for more help on demystifying KPIs.
EPISODE SUMMARY
Activating thought around the use of KPIs is useful for ANY business. Internal KPIs give you the overall health of your company and they can also connect effort with outcome.
Remember that change in one area, can initiate a ripple effect of change across the business. It can also allow you to mindfully target wins and losses – BUT don’t dwell too much in the negative space. It’s not productive.
And don’t forget technology for scale. Use it wisely – technology has improved the outcome and processes of what we do in our day to day business systems.