What to Measure to Be Amazingly Successful in Business
We all have to measure our finances, using an approved accounting system. We may hate it, but it is a requirement by law. Thus we all get an accountant to tell us what we did, how much money we made or lost, how much tax we have to pay, and then most of us sigh a collective sigh of relief, and forget about it. Large businesses use the financial figures, to create management accounts that we use on an ongoing business.
However, there is much more than just finance we need to measure.
You should set up measurement and monitoring of the at least some of, but not limited to the following KPIs. These need to in turn be discussed and reviewed at all of the management meetings. It is vital that you put steps in place immediately to ensure that you as the owner of your business have a business that you are proud of.
* Number and value of leads for the month * Sales made for the month * Value and number of new sales * Value and number of outstanding opportunities * Referrals gained * Testimonials given * No of sales calls per rep * Number of telesales calls made * Marketing expenditure for the month * Customer complaints * Standard Cash flow reports such a cash, debtors, creditors etc
Are there any standard symptoms, that one can spot, that lead to a lack of business success?
Many nearly successful companies, who have great goals and ambitions like you, however encounter many problems. Some of the key issues that they may be facing are as follows;
* The sales team is converting less than 10% of opportunities into sales. * There is no process for lead qualification and many leads are falling through the cracks. * The sales team is not following defined sales processes. * There is a lack of adequate sales management. * There is no consistent process for communication between telesales and sales. * There is no measurement of Key Performance Indicators. * There is no consistent format for pricing proposals being used. * There is no process to gauge customer satisfaction levels. * There is no process to gather customer testimonials * There is no process to obtain customer referrals * It is not clear what leads are generated by the marketing spend
Do any of these seem familiar? It is vital that you put steps in place immediately to ensure that you as the owner of your business have a business that you are proud of.
Putting in place measurements is vital to business success. Many people struggle in deciding which KPIs they should install into their business.
This article is one of many sales and marketing articles written by Peter Lawless of http://www.3r.ie - Marketing Consultant delivering Marketing Strategy & Online Marketing, Sales Trainer, and Public Speaker.