Surprisingly many successful and large companies (such as Pfizer) are run day-to-day on just a few critical pieces of information. In fact it would seem that some organisations are actually more successful as a result of focussing on two to five Key Performance Indicators (KPI’s) that REALLY matter.
What would be the handful of metrics that tell you how your business is performing? The process is quite simple: first, decide what the goals for your business are; then, think about how you are going to achieve this goal and what are the drivers or indicators you can manage. After all, as Peter Drucker famously said “you can’t manage what you can’t measure”.
One of the things we found our top performing agency clients did was to have a tight control on their finances. With so much going on day-to-day in an agency, there is no simpler or more transparent way to monitor or communicate performance than through a dashboard (Just make sure you’re monitoring metrics that matter – check out this interesting article on how easy it is to measure the wrong stuff).
Once you’ve decided on what you’ll measure on your Dashboard, think about how you’re going to present and share this information…..whilst making it really easy to keep updated.
For the most basic Dashboard, don’t ignore the effectiveness and ever-presence of a whiteboard. Spreadsheets are another option. Thinking bigger, there are some great options harnessing technology such as Spotlight, which integrates with Xero and Google Analytics.
We are so passionate about Dashboards that if you’d like help setting up yours we’ll happily have a chat on the phone with you (at absolutely no charge!) to get you started. Just get in touch!
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