How are you keeping track of what your employees are doing in your business? How are you holding your employees accountable? Do you have KPI’s (Key Performance Indicators) for them? Are you holding them responsible? If you are not, you need to be.
KPI’s are fantastic for creating checklists and giving you an opportunity to reach your goals.
With any business, you need to pull all of the knowledge you have about all practices for your business and share it with your staff. This is going to be one of the biggest steps to making your business successful, it also gives you away to promote growth and have a standard of accountability for your employees. This is something you are going to have to do, you need to ensure your team has the best practices for doing all positions in your business and key performance indicators are going to be the way to do it.
KPI’s are fantastic for creating checklists and giving you an opportunity to reach your goals. With KPI’s in place, you can clearly communicate to your team what is expected of them and hold them accountable for it. At Elephant in the Room, we had checklists for everything! Daily checklists for a variety of areas and what needed to be done, weekly checklists for managers on their jobs, as well as monthly checklists. All of these checklists made it very easy to train and replace people quickly because everything was written down and you simply go through and do it. You can also use them as a way for you to stop working so much in your business and start working on your business. This will allow you more time freedom to start doing the things you truly want to do, and not just what you have to do to keep your business going.
Key performance indicators also give you an opportunity to see where you are and where you need to be. First, you have to figure out your goals. You can then use KPIs to keep track of how your team is doing, and where you need to focus additional training. With these in place, your staff can run things without you and you have a standard you can clearly communicate to them. You should be having weekly meetings with your team to review these checklists and KPI’s.
At Elephant in the Room, the KPI’s are very clear! Clay determined what percentage of clients we needed to convert to break even, and what we needed to make money. Then clearly communicated with the managers and staff what was needed for conversion each week. During our weekly business coaching training meetings, this communicated, pounded into our heads if you will. Our numbers are reviewed in a team meeting every Friday and then we role played with the staff over and over to ensure everyone knows the script and best practices for selling our memberships.
We have daily meetings with our business coaching team. Clay has weekly meetings with all of his businesses to review their KPI’s, and hold his teams accountable. Without KPI’s, he could not have the multitudes of businesses he owns and keep them running smoothly. Remember, as an owner, the business is there to serve you. Without KPI’s in place are you running your business or is it running you?