Businesses want to continually improve their performance to increase profitability, secure more clients and grow. But it’s difficult to accomplish that without ways to analyze operational performance to see where improvements can be made.
For many companies, identifying opportunities to improve their operations or accurately capture performance means hiring an expensive business management consultant or spending a lot of time compiling information about performance.
eBook - How Do You Measure Success? KPIs That Count
How Do You Measure Success?KPIs That Count
There are 3 types of key performance metrics that all technology solution providers need to always have access to in order to effectively manage their business. These fall into 3 areas: sales, service, and finance.
1. Sales Performance
Sales remains the backbone of every business, serving as a way to secure new clients and grow revenue. In an ideal world, every sales person would meet their quota seamlessly, without having to monitor their performance constantly.
To reveal how your company’s sales team is working, you need to know how much revenue was brought in, and who secured it. You should know what activities were required to secure the deals, in terms of how many phone calls, emails, and voicemails. This way you have the tools available to refine your sales process so the sales team gets the best results.
There are software programs you can integrate into your operations that instantly provide access to your company’s sales performance. The information about the entire sales process is broken down to provide per person, team, and company, within a matter of seconds.
2. Service Performance
It’s one thing to secure new customers through your sales process. It’s an entirely different matter to retain them through quality service. If employees constantly say that they’re swamped, it can be difficult to know if the team is less productive or if another employee needs to be hired without concrete metrics.
Fortunately, there are service performance metrics that can help answer some of these questions. First, it makes sense to evaluate the types of tickets coming in against how long it takes the tickets to be closed. Are there any trends here? Are routine tickets taking too long to complete? By closely analyzing these factors, opportunities to streamline or automate some of these processes can be identified.
3. Financial Performance
Ultimately, the most important metric in business is your company’s financial performance. Without revenue, your company can’t survive. Most businesses recognize this, and carefully monitor expenses and profit.
But these aren’t the only financial performance metrics that are important to know. You should also know what categories and clients provide the most revenue to find ways to increase profits. Great reporting can illustrate when employees aren’t being properly utilized, and how aging receivables impact your business’s finance.
By understanding all of these different facets of your business’s finances, you’re empowered to take action to become more profitable.
It can seem overwhelming to measure all of these different performance metrics. Automated tools, such as the ConnectWise Dashboards, allow you to maintain access to all of this information without having to generate it yourself. It saves time, and provides you with ways to continually improve operations.