Setting Metrics for Q4

By claire |

stacked coins on chartWhenever you brainstorm business strategy, it’s crucial to set business metrics for your team to measure progress and budget time, resources and funding effectively. But, how do you know which metrics are the right ones for your business? According to business experts, metrics should:

  • Create a single objective that unites your team
  • Streamline progress toward the end goal
  • Create clear depiction of your business’ strengths and needs

Your metrics should be clear, measurable and actionable. Create a metrics report that keeps your team’s performance up-to-speed.  (You could create your own or use available software to run your monthly metrics.) Tracking your performance this way will enable you to set accurate targets and track your progress, which will be helpful when conducting department or employee reviews as well as communicating performance results to your clients. Additionally, this will allow you to see which facets of your business add the most value.  Keep an eye on what departments are draining too many resources–keeping your ROI in mind here is key.  You could create metrics for any of the following areas:

  • Business performance as a whole
  • By department
  • By project
  • By employee

Once a month, hold a meeting with your project managers and team.  Run the metrics report for each project, department or resource.  Communicate your goals clearly to all members of your team and discuss where you may have fallen short for the past month.  If it helps, select a few crucial metrics and track their progress in a public space like on a bulletin board or poster displayed in a place of prominence.  This will motivate employees to perform and add the element of accountability.  Be sure you reward successes and hold team members accountable where apporpriate.

Tracking and running metrics is crucial to the success of any emerging business. Keep your team, and your clients, in the know by tracking your results.

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