Establishing, maintaining and monitoring KPI's, Key Performance Indicators, for your business is critical to understanding and managing a company's growth. Establishing the performance indicators that your company will use for measuring success should be prioritized in your journey to controlling and scaling your business. When choosing these benchmarks you should consider the following:
Are they easily monitored? - If reporting your benchmark requires inordinate effort to produce and report, it becomes self defeating. Choose variables that are easily maintained and reported.
Are they easily explained? - If you can't explain a KPI during a five minute elevator ride to the lobby, you might want to rethink it. You are going to ask everyone in your organization to "buy in" to these values. If they understand the goal, they're more likely to appreciate the cause.
Establish a clear baseline? - Prior to creating your KPI goals you should establish a clear baseline. If you have historical detail this can often be done immediately by reviewing past activity. If you lack this level of detail, it is best to accumulate and report to establish your baseline values prior to posting your organizational goals. For example, ServMan uses Billable Efficiency as a primary KPI for managing it's employees. This number is formulaic based on a "Revenue Per Hour" goal established by management. Set your Revenue goals, then review your reports. If your top performers are coming up short, you might want to modify your reporting goal, or raise your selling price!
Establish realistic goals - This goes hand and hand with establishing your base line. Once established, lock in your organizational goals, monitor and react to your findings. Once established, your KPI findings should become primary in your management meetings. As you view trends, you discuss and react.
The software provides many reports and it can often be confusing to determine those you want to use. To help you with this decision we have identified specific reports for the following business units
For each of the above functions we have identified what we consider to be our best recommendations for monitoring your companies progress. In doing so we are telling you that these are reports that we really like. We are continuing to "lean into", maintaining and more importantly enhancing based on feedback we get from you!
All of this said, we understand that your organization has it's own concepts. To this end, you have the ability to adapt our existing reporting or create your own, but, before you do... check out the ServMan recommendations or contact Support for recommendations.