Here’s a LIGHTBULB MOMENT for you!
Show them the numbers, and they’ll make the numbers better!
Studies show that tracking key numbers in your business make a significant difference. And in my own experience, every single time a client starts tracking Key Performance Indicators (KPIs) somewhere that staff can SEE OFTEN, their numbers dramatically increase!
Step 1: Be a Great Leader!
There is one caveat: your team must TRUST YOU and FEEL CARED ABOUT. This comes back to your leadership. If you haven’t been working on your leadership, and you don’t have great relationships with your team, this will not be effective. That should be your very first priority if that area needs work! As a refresher, three key ways to build trust are:
- KEEP YOUR WORD,
- ASK HOW THINGS ARE GOING FOR THEM, and
- BE KIND.
Step 2: Develop Effective KPIs
Once you’re sure that your leadership is somewhere on the scale between “great” and “outstanding,” start to determine what your KPIs should be. It’s critical to get this right—KPIs that track meaningless stats will actually hurt productivity and performance. Therefore, try to dig down and set KPIs that help predict where the company is going, how the company has done in the past, and whether or not your processes are effective.
Now you’re ready to get those numbers up on a wall, and draw attention to them daily (or at LEAST weekly) to get your awesome results! Great examples of key numbers to track include:
- daily sales goals,
- conversion rates, or
- Number of transaction goals.
You can do team goals or individual goals, and the actual numbers achieved in the time period. Showing the contrast is very effective.
Give your team a heads-up that you will be posting these numbers, especially if they are individual numbers. Give them a certain time period to be able to improve their numbers, before they’re shared with everyone. (This will help with the TRUST and CARED ABOUT feelings they need).
Start tracking today, and enjoy more positive results within 30 days!
If you feel you’re ready to make the changes to your business that will make it more successful and more enjoyable, contact TMH Business Coaching today for a confidential, free, no-obligation consultation to propel you forward. Also, please feel free to add yourself to our weekly coaching tips email!