Build your Business with Better Metrics
Wondering why your business isn’t seeing the desired results? Maybe you haven’t actually set your metrics correctly, or maybe you’ve never truly defined your mission. What’s the best way to maintain momentum and keep your business on track? To know where you’re going. Justin Moore, CEO of Axcient, shares his 7 Tips on Building your Business with Better Metrics.
This article originally appeared on the Forbes business blog, for the full article click here.
1. Measure before you manage
Track each department and individual progress against very specific, measurable goals and objectives. Once you have determined the right metrics, you need to make sure you have all the tools you need for measurement.
2. Choose the right metrics
Really know your business, starting with your core values, vision and company mission.
Ask questions like:
-What 5 things will most impact the business in the next 12 months?
-What are specific revenue objectives both for the year and each quarter?
Then pick your metrics and set yearly & quarterly company and department goals
3. Avoid common metrics pitfalls
Metrics must be extremely clear. A broad goal like “provide better customer support this quarter” can leave everyone, at the end of the quarter, with very different ideas on whether or not that goal was met since there were so specific metrics tied to it.
4. Invest in tools that deliver real-time feedback
Whenever possible, invest in measurement tools that put your metrics at your fingertips. Today’s Software-as-a-Service (SaaS) applications make it easier than ever to quickly and frequently pull data that provides measurement against objectives. You might use Salesforce reports to track sales activities and leads. Or HubSpot for Website rankings and inbound site links. QuickBooks, Excel and other office applications you’re already using can be set up to collect and analyze current data.
5. Share metrics with employees
Maintaining transparency and celebrating big wins leads to a culture of success, where everyone is on the same page and motivated toward unified goals.
6. Remember that accountability starts at the top
if you want your workers to take goal-setting seriously, you should be prepared to share your own goals – as well as how you came out on delivering on them at the end of the quarter. Such transparency shows your team that you are in the trenches with them, making every effort to achieve what you set out to do – even if your targets were off.
7. Continually question, reevaluate, and refine
Every week, month, and quarter is a new opportunity to test and refine your ability to set and track metrics that will drive growth. When you invest time and thought into setting, monitoring, sharing, and refining your metrics, you can more easily make the critical decisions that catapult your business’ success.