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Procedure to Measure KPI
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To measure the success of the business, Key
Performance Indicator (KPI) plays a vital role.
It is a quantifiable goal that directly affects
the performance of your business through
establishing key drivers of business success,
such as sales, revenue, sales cost, customer
satisfaction and acquisition.
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Form Your Performance Goal
Revenue can increase if the cost of sales has
also increased. As a result, it shows that
company is in profit or in no profit no loss zone
or declining. Each KPI can be quantified, but the
growth of gross margin indicates that the cost of
sales is either declining or revenues are
increasing and the cost of sales is remaining the
same. Forming your performance is a basic stage.
It is not only about the sales, but in case of
any department you first need to establish your
goal.
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Employees improvement and involvement
A key person in all that we do, is an employee
of the company. Everything starts from then and
generates from them. Evaluating their
performances is equally important. When you set a
target for sales, you also need to improve the
performance of your company. KPI measurement must
take into consideration all the details of the
process to reach the goal.
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Cost, growth and health
Whenever you plan to bring some improvements in
the performance the most important thing you
would need is cost. To give an example, if
training your sales staff costs 100,00, you must
be able to make that money back in improved gross
margin, which is sales revenues less the cost of
sales and goods sold.
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The next thing to monitor is the adoption of the
new methods by your sales department. The
training should be useful and profitable for the
company it should give returns to the company. If
the company goes back to the old methods and
trained methods are not used, then the investment
will turn into the loss. You must monitor the
health of the ongoing sales process. If you
observe that the sales performance has improved
sufficiently, then you can co-relate it with new
methods and determine them.
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Assessment of KPIs
First make your decision on the metrics, such as
dollars or percentages of increase in sales. Then
decide your priorities, such as what type of
sales, which products and services you want and
what improvements you want on preference. For
this you can use tools for calculating your KPIs.
Ezzy KPI gives you free trial to evaluate growth
of the company from all the aspects.
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