MEASURING BUSINESS PERFORMANCE
The aim of business measurement is to continuously monitor your business key performance indicators, manage them correctly and implement and required changes to your business to show improvements & increase profitability.
Measuring your business performance is vital to the growth and progress of your business, ensuring you measuring against business goals, stakeholder requirements & customer data.
All of this data can be used as an insight into your businesses current performance and highlight areas of your business that require further monitoring & development to ensure they meet your requirements and KPI’s.
How To Measure Business Performance
There are many different ways in which you can measure the performance of your business, many of which change from industry to industry.
There are 4 key points to measuring business performance:
• Setting Goals
• Develop Key Performance Indicators
• Define Achievable Metrics
• Monitor & Measure
A great way to start is utilising the skills of professional assessors such as Jeff Ayres & Associates. Our skills & experience allow us to overview a business, analyse performance & operations and build a strategy to help your business develop.
As a business owner, director or operations manager, you must be able to take a step back from the day-to-day operation of a business and figure out the goals for your business, what you’re looking to achieve and identify KPI’s for your business so you’re able to monitor growth & performance based on this information.
Many different metrics should be monitored to help you improve your company. Looking into these metrics in detail will help you acknowledge areas where your business is successful and others where it is not. This provides you and us with information that helps us develop new strategies to implement into your business to ultimately improve key areas and make you more successful.
How to define your Key Performance Indicators?
At Jeff Ayres & Associates we can analyse Sales Revenue, Customer Loyalty and Retention, Cost of Acquisition, Operating Productivity, Gross Margins, Monthly Profit & Loss, Overhead costs and much more.
Each business has its own desired key performance indicators and they are based on the needs & desires of a business along with the business ethics of a company.
Why use KPI's?
If you are serious about improving the performance & quality of your business KPI’s are the best way to measure, monitor & improve.
They set a benchmark and are selected based on the requirements of your business and measure areas that you which to improve.
Once you have established your KPI’s we can develop strategies for your business to ensure you improve your business with the goals in mind.
KPI’s can be both financial & non-financial goals including improving staff productivity, reducing waste, improving customer experience, increasing marketing quality & many more.
Improving customer loyalty & retention
One key benefit of business measurement is the ability to monitor & manage your customers correctly. Working with us, we’re able to implement strategies in your business that will allow you to gain a greater understanding of your customers’ requirements, loyalty & have a greater knowledge of how they find interactions with your business.
This could be simple things such as analysing sales data, integrating & managing complaints correctly or developing social media strategies to make your business more engaging with stakeholders.
Analysing your competitors is a great way for you to understand their strengths & weaknesses.
The key points that we will look at are what they offer, how they are different to you, how they price their products & services & what are their competitive business advantages.
Once you understand this information, you can compare this to your business, using this information to improve your business operations and outperform your competitors.
How Jeff Ayres & Associates help you can help you?
- Measure your current performance
- Benchmark and profile your organisation
- Identify your areas of strength and areas to improve
- Identify your objectives and set targets
- Produce an action plan to achieve your goals
- Support your improvement process.