Milestones, KPIs and monthly reports. There aren’t many people who would put these things at the top of their lists of most fun things to do, but they’re all essential if you want your business to be a real success.
You already know the importance of having a plan and understanding in which direction your business is headed. But in order to get it there in the most efficient and productive way, you’ll need to check your progress as you go. It’s easy to get stuck in to the nine to five routine and, particularly when organisations are stretched, it can seem like every day is spent fire fighting all the emails and tasks that build up. Before you know it another month has passed and you’re all just trudging along in one direction, without ever really looking back and what’s been going on.
In order for businesses to grow, it’s essential to learn from mistakes. But a lot of mistakes go unnoticed, and often nobody even realises there’s a problem unless it’s a major one that brings the whole organisation to a halt. Paying attention to the little things can mean the difference between keeping a loyal base of customers and losing out to your competitors, so it pays to take a little bit of extra time to properly track your progress.
Here’s why effective measurement and tracking can have a positive impact on your organisation:
It helps your business grow
It’s why most of us go into business in the first place- we want to make profits and be as successful as we possibly can be. Every business is made up by a variety of components that all work together, so it makes sense to look at all those ingredients individually. A comprehensive, regular measurement system that analyses the success of everything from your marketing campaigns and customer engagement to sales will help you identify any pain points as well as highlight the areas that are working the best; allowing you to grow your business accordingly.
It Identifies Strengths and Weaknesses
Its better to be fantastic at two or three things than mediocre at a thousand. Sometimes it’s best to set yourself free from the things that aren’t working for your organisation, so you can concentrate on your key skills. Measuring your performance will allow you to gain a clear view of where you’re going wrong and right, enabling you to really shine and gain a great reputation for the things you do best.
It Improves Staff Morale
We all like to feel appreciated and be rewarded for good work, and tracking and performance measurement is a great way to facilitate that. If your team or an individual have exceeded their targets and they’re given appropriate rewards (even if it’s just a simple thankyou) it goes a long way towards boosting morale. And if people are happier at work, they’re more likely to stay in their roles and go over and above for the company. Likewise if any areas of improvement are identified and they’re given the opportunity to develop their skills and feel more empowered, morale is also more likely to be good. It’s also great for team building if you can see where you’re falling short on targets- some people love workplace competitions and they’re a fun way to help your organisation achieve its goals.
In short, you can just relax and see where the wind takes you. But if you want a real handle on your business and to be able to develop a real strategy for success, measuring your progress and identifying any issues early on is essential.