19 Jun Mastering KPIs for Strategic Decision-Making
Key performance indicators (KPIs) help you make strategic decisions in your business. There are many things to measure, so how do you know which KPIs make the most sense and are worth your time to track? Join Dr. Sabrina and Angie Noll as they discuss why we need to know our KPIs, what to do with them, and how they can make it easier to run our businesses.
As a wife and the mother of three teenagers, Angie is a steadfast believer in business sustainability, not only through ensuring long-term profitability but also through lifestyle sustainability. She knows how difficult the journey can be in running a profitable small business AND avoiding entrepreneurial burnout. For Angie, sustainability means managing a flourishing business in coordination with being a keeper of the calendar at home with three kids, two pets, and one sweet husband.
Profit by Design is a Tap the Potential Production.
In this episode, we discuss:
- Big moves, lessons learned, and goals achieved by Angie within the last year to take her life back
- KPIs provide a framework to make easier—and more proactive—decisions.
- Using the Business Priority Pyramid from Fix This Next by Mike Michalowicz
- KPIs help us evaluate our effectiveness within the five criteria in the sales pyramid: sales, prospect attraction, client conversion, delivering on commitments, and collecting on our commitments
- Measuring profitability can be easily overlooked if we only focus on sales. Big mistake!
- The biggest challenges and solutions for business owners regarding profitability
- Which is the superior business strategy? Relying on the numbers/data in KPIs vs. relying on your gut
- Using the Net Promoter Score as a benchmark to strive for more (What matters most to your clients is probably very different from what you assume!)
- Angie’s advice about the most helpful KPIs to track beyond profit
- Angie’s advice to business owners who don’t currently track their KPIs: “Just get started. Ask yourself what it would look like if your business were easy to run, and how you can make it easier.”
