Creating KPI Scorecards That Work for You
KPIs are a necessity in any business, but figuring out which KPIs to track – and how to do so – can be a challenge. Scorecards give you a way to track your essential KPIs, but they also do far more!
Scorecards are an excellent tool to help you pinpoint the objectives that will lead to achieving your goals, but they also make it possible to break those objectives down into manageable chunks. They also give you a way to quantify your results, helping you both evaluate your team and refine your quarterly planning.
If you’re working on implementing KPIs in your business, read on!
Determining Objectives
In order to effectively plan to reach your goals, you need to determine the objectives that will lead to those goals.
For example, if you want to increase the leads you receive from social media, you may choose to look at ways to increase your following and engagement on LinkedIn, Facebook, or Instagram. If you want to increase your online presence, you might decide to focus on your SEO, publicity, and newsletter engagement.
Conversely, if you need to refine and improve your client engagement, you might choose to track client intake calls, follow up calls, and conversion rates.
No matter what objectives you determine will help you reach your goals, they can be tracked as KPIs!
Breaking Them Down
Once you determine your objectives, you will want to break them down into manageable, trackable tasks.
While your objective might be to increase your Instagram reach and engagement, simply having that goal won’t get the job done. Instead, you will want to think through the tasks that go into reaching that goal.
How many new followers will you need to gain each quarter? In order to gain those followers, how many accounts will you need to follow, how many posts will you need to comment on, and how many DMs will you need to send or engage with?
Once you have those numbers, you can easily break them down into monthly and weekly goals that your Marketing Assistant can easily work with!
These are the numbers that go into a KPI Scorecard. This is a tool that each one of your team members can work from and track, helping them to work more productively and profitably. Scorecards have an additional benefit, though.
Your team members want to help you succeed. They want to find fulfillment in their work, knowing that they are working toward a purpose. Otherwise, the job becomes nothing but a paycheck – and that never bodes well for long-term retention.
Think about it: if you know how to do something but have no idea why you’re doing it, the work becomes dissatisfying fairly quickly. It’s just rote repetition. When your work has a purpose, however – when you can see how you are helping to reach and surpass goals – your work becomes something you can really be proud of.
The same is true for your team.
KPI Scorecards are more than just a tool for tracking productivity (though this is important). They also serve as a way to clearly communicate to your team how everything they do is connected to the company’s goals!
Quantifying Your Team’s Efforts
In addition to helping you track your team’s tasks, KPI Scorecards also give you an effective way of tracking and acknowledging the hard work that goes into preparing the end results.
Whether you are tracking social media strategy and engagement, financial management, administrative tasks, or client care, every team member brings a certain amount of training and specialization to their job. In addition, many of their tasks require research, analysis, or record keeping.
While these actions may be difficult to track in and of themselves, tying them to KPIs provide you a way to acknowledge that you understand and appreciate the work that your team members do. This makes a huge difference, both in productivity and in culture – both of which affect your profitability!
If you’re ready to create and implement KPIs for your company, be sure to reserve your spot for our KPI Workshop. Our goal is to help you build a business that allows you to thrive!