Boosting Business Performance

By Michael Woodward, Mackay Bailey, Accountants, Christchurch, NZ.

Goals are what drive the long-term performance of your business.

Agreeing on well-defined targets and measuring your progress over time via key performance indicators (KPIs), helps you to understand exactly where the business is going. Remember – what you measure, you can manage. What you manage you can improve.

Monitor your performance with KPIs

Tracking your goals via KPIs show you where the business is hitting the mark and where you could be doing better. KPI’s focus on what is important for your business.

To make performance management drive your business:

  • Set targets and work to a long-term strategy– what are the aspects of your business that you must get right to achieve success? These are what we want to focus on and set targets for. Make sure these targets are closely aligned to your wider strategic business plan – track the metrics that matter.
  • Track performance with real-time information– KPIs need to be accurate and timely giving you information to make better business decisions tomorrow, next week and next month. Monitor the key financial and non-financial metrics and create a dashboard to regularly track your KPIs – giving you a current view of performance.
  • Motivate your team to focus on what is important to the business– explain your key targets to the wider team and why they are important. Keep the team engaged in meeting these goals. Motivation and engagement levels are higher when staff can see what they’re working towards and understand why it’s important.

Talk to us about setting up a KPI dashboard

If you’re wanting to track, monitor and boost your business performance, we can help. We’ll help you choose the right KPI’s for your business. KPI’s are not generic and need to be specific to your business and your goals.

Get in touch to start boosting your business performance.

Contact the author directly by email or by telephone.

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