{"id":1995,"date":"2020-02-21T16:23:05","date_gmt":"2020-02-21T16:23:05","guid":{"rendered":"https:\/\/www.oconnorcpafirm.com\/blog\/?p=1995"},"modified":"2020-03-22T22:08:22","modified_gmt":"2020-03-22T22:08:22","slug":"key-performance-indicators-are-powerful","status":"publish","type":"post","link":"https:\/\/www.oconnorcpafirm.com\/blog\/2020\/02\/key-performance-indicators-are-powerful\/","title":{"rendered":"Key Performance Indicators are Powerful"},"content":{"rendered":"\n<p>Key performance indicators\u2026.a pretty powerful sounding term, right?&nbsp; That is because it is powerful.&nbsp; <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"> <br>Think about it: &nbsp; <\/h3>\n\n\n\n<ul><li>Indicators, a term that allows you to determine\nhow something is doing or performing.<\/li><li>Performance Indicators:&nbsp; a way of measuring performance against\nindicators that are important to your success<\/li><li>Key Performance Indicators:&nbsp; The most critical or key performance\nindicators that you can measure to determine what factors drive your business\u2019 sales,\nperformance, marketing, closure rate, business health, etc.<\/li><\/ul>\n\n\n\n<p>Given that definition and concept, wouldn\u2019t every business what to know what their key performance indicators are and then monitor them, drive them, fuel them?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Successful businesses do not leave their success up to chance, they drive it, create it and them monitor their success.<\/h3>\n\n\n\n<p>If you knew what created business success for your company\nand could plan for it, set goals to be achieved, think about how much easier it\nwould be to drive success and\/or determine why you are not achieving that\nsuccess and use your KPIs (key performance indicators) to fuel the changes that\nneed to be made to create improved success.<\/p>\n\n\n\n<p>Key performance indicators that can be useful and telling\nthat you should consider where appropriate for your business:<\/p>\n\n\n\n<ul><li>A sales team might tract sales by sales rep.\nNumber of customer contacts, closure rate, average sales per customer.&nbsp; Any sales rep not meeting the goal needs to explain\nthe difficulties with the goal so that changes can be made to their process,\nthey training or the goal.<\/li><li>Your company might determine average sales per month\nto reach your revenue goal and then track every month.&nbsp; Months that fall short need to be analyzed for\nindications of why the sales goal could not be reached.<\/li><li>Gross profit margin in total or by category so\nyou know what drives the most gross profit and build a strategy to sell more of\nthat category than low profit margin categories<\/li><li>How many customer touches do you need to drive a\nsale?&nbsp; If you know that you close 30% of\nyour cold calls and you need 30 new customers a month, then you need 100 cold\ncalls a month to drive your new customers a month KPI.<\/li><li>A sole practitioner such as consultants,\nattorneys, accountants might need to bill 30 hours a week to drive their revenue\ngoal. Develop a KPI that tracks your billable time AND remember that you need\n30 hours a week so you look for that billable time.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.oconnorcpafirm.com\/blog\/wp-content\/uploads\/2020\/02\/2018-01-03-work-goals-Blog.jpg\" alt=\"\" class=\"wp-image-1997\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">There are unlimited numbers of KPIs that you can use or\ndesign that will give you the information you need to:<\/h3>\n\n\n\n<ol><li>Determine what factors drive success for you<\/li><li>What is the bench mark for these factors that\nwill ensure success?<\/li><li>Which of these factors are not meeting\nexpectations?<\/li><li>Determine how to impact the factors that are not\nperforming<\/li><\/ol>\n\n\n\n<p>How powerful would you feel if you\nknew exactly what drove success for your business?&nbsp; Then, knew what the benchmark was for those\nindicators and could measure your success at meeting those benchmarks or\ngoals.&nbsp; And then could implement changes\nthat propelled your success.&nbsp; Why wouldn\u2019t\neveryone do this?<\/p>\n\n\n\n<p>Because they need a strong team\nand people who know how to develop, measure and drive these Key Performance\nIndicators.&nbsp; Get that person on your team\nor hire the right CPA firm that can act as your CFO, business consultant and\nadvisor to keep you on track, can accelerate growth and improved profitability.&nbsp; <\/p>\n\n\n\n<p>DO THIS!&nbsp; It will make a huge difference in your\nability to achieve success, however you define it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Performance Indicators are Powerful.  They drive your success.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,6,7],"tags":[126,26,191,190],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key Performance Indicators are Powerful - O&#039;Connor CPA Firm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oconnorcpafirm.com\/blog\/2020\/02\/key-performance-indicators-are-powerful\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key Performance Indicators are Powerful - O&#039;Connor CPA Firm\" \/>\n<meta property=\"og:description\" content=\"Key Performance Indicators are Powerful. 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