Using KPIs to kick business goals!
Business Growth

Using KPIs to kick business goals!

What does it take to win the “Business Premiership”?

By Luke Nolan

With footy finals in full swing and the summer of sport just around the corner, I’ve found myself reflecting on the sports teams I’ve been a part of. I have been fortunate enough to be involved in some successful teams, but I have also been a part of some terrible sides which finished near the bottom of the ladder. All of these teams had the same goal at the start of the year, to win the premiership. The more successful teams broke this “ultimate goal” down into smaller, more measurable targets or key performance indicators (KPIs). This gave us more immediate and achievable targets to enable us to reach our overarching goal.

The same can be applied in business. While business owners might have different motivators for wanting their business to be successful, the ultimate goal is generally the same. If owners wait until year end to see their results and determine how the business has performed, they have potentially missed out on months of opportunities to make changes and improve their business. This is where monthly or quarterly reporting of results is important, along with the process of setting more immediate targets and KPIs.

This process of setting KPIs and determining how to measure performance has the benefit of ensuring that targets and performance align with the long term strategic goals of the business. It enables the business to make more timely decisions and provides a current overview of performance. Additionally, it is often a great tool for motivating and engaging staff to focus on these KPIs as they can identify their contribution to the achievement of the long term goals of the business.

What’s next?

Do you know how to track, monitor and boost your performance? If not, don’t worry, because that’s what we can help with. Don’t wait until the end of the financial year to check your results when you could be improving your business every month. We can help you with monthly and quarterly reporting of results and how to choose the right KPIs to support the long term success of your business.

Give us a call here at MB+M, so we can help you start kicking goals in your business on 5821 9177.