End Of Financial Year Tip: Performance

When talking performance indicators, most people assume Key Performance Indicators - and then link these to punitive measures to curb underperformance. I’d like you instead to think of two types of performance indicators: Key Performance Indicators and CUSTOMER Performance Indicators.

Key Performance Indicators can be things like:

Number or referrals/enquiries per month.

Number of conversions (initial appointments attended or first sales)

Retention rates (number of sessions attended before client drops off)

Average session fee for appointments

Average sale amount

Go over these for each month and check for trends. These can be trends for staff performance, trends for “hot” or “cold” business months, and so on. Try to identify what’s driving the trends you identify. (Obviously taking Covid19 into account.)

Customer Performance Indicators can be things like:

First impression on the phone

Satisfaction with email responses

First impression when entering your premises

Satisfaction with getting their needs met by your business

It’s almost impossible for small businesses to get an accurate reflection on customer performance indicators, so I think it’s really important for business owners to touch base with what it might feel like to be a new customer/client/referrer to your business - try seeing it through their eyes. For example, is your phone answered by a human or an answering machine (my pet hate) or not at all?? Is the entry to your premises grubby or warm and welcoming?

Take time at regular intervals throughout the year to check in on all of these performance indicators.

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