Business Owner Insight Improvement
Another way to grow your business is to provide you, the business owner, with the right insights that yield a stronger ability to drive profitable company performance.
Prize Performance can improve your business insights by creating your specific Key Performance Indicators (KPI’s) so you can measure what’s happening in your business as it happens, then set action plans to improve them. This means a custom business manager dashboard(s) that display the current information you or your managers need to see and understand your business so you can make adjustments to achieve your business goals.
Why are KPI’s important?
- Measuring performance is a fundamental part of every organization, whether it is run by a private sector or a government sector.
- Performance measures are used to evaluate organizational as well as managerial performance.
- A key performance indicator (KPI) is a quantitative value that can be scaled and used for performance evaluation.
- Organizations should use both financial and nonfinancial KPI's when measuring employee as well as firm performance.
- KPI's should be aligned with business strategy, work environment, and employee incentives.
What are some examples of KPI’s?
Here are some examples of KPI’s. Your KPI’s will vary because of your industry, the nature of your organization and it’s uniqueness…
Revenue Quality Measures
Average revenue per customer
Revenue growth rates
Average revenue per employee
Number of customers served by employee
Marketing effectiveness measures
Number of unique customer phone calls
Number of unique website visits
Sales effectiveness measures
Number of sales opportunities
Sales close ratios
What may Prize Performance do for me in this engagement?
Identify your business goals, values, and mission
Review your past financial performance
Review business practices
Interview, as needed, business owner(s), employees, customers, vendors
Identify your top list of Key Performance Indicators (KPI’s)
Determine and/or create sources of needed information to support your KPI’s
Create processes to create and display your dashboard
Provide professional insight and analysis on your KPI’s
Provide training for you to learn how to read insights from the information
What may Prize Performance Deliver?
Processes and training for collecting and storing KPI information
Electronic dashboard to display metrics specific to you and your organization
Training for you to read and action dashboard metrics
What may Prize Performance teach me?
Action plans for metrics when metrics are out of tolerance ranges.
Remember, insights don’t always find you, sometimes you need to find them!
Call us today to discuss how we can do this for you!