Business Performance / 6 posts found
Setting KPIs and measuring performance
Once you begin trading, you’re faced with a new challenge – successfully managing the course of your brand-new business and making sure it’s a profitable enterprise. It’s easier to manage your startup’s sales and finances when you have access to the best possible information and data about your performance. Tracking specific metrics and key performance indicators (KPIs) allows you to see how you're performing against your targets – so you can take action to improve performance, sales, growth and profitability. But which KPIs should you be tracking? Sales and conversion rates An obvious metric to track is the number of [...]
Could your business survive without you?
Would your business still thrive, or would it suffer a catastrophic failure if you suddenly stepped away? It’s tough to remove yourself from the day-to-day operations when you’re passionate and busy. However sudden accidents, illnesses, or family emergencies can – and will – happen and you need to be able to step back knowing your systems are robust enough to cope. For your business to work for you, you need to make yourself replaceable. Large corporations have plans in place to mitigate what’s known as ‘Key Person Risk’. But when you run a small entrepreneurial venture, who is the backup? [...]
Business Tips: Setting KPIs and measuring performance
Once you begin trading, you’re faced with a new challenge – successfully managing the course of your brand-new business and making sure it’s a profitable enterprise. It’s easier to manage your startup’s sales and finances when you have access to the best possible information and data about your performance. Tracking specific metrics and key performance indicators (KPIs) allows you to see how you're performing against your targets – so you can take action to improve performance, sales, growth and profitability. But which KPIs should you be tracking? Sales and conversion rates An obvious metric to track is the number of [...]
Making data meaningful in your business
Raw data describes the facts and figures that a business processes every day. Over time, every business hoards a certain amount of data and it only becomes meaningful to a business after it has been processed to add context, relevance and purpose. For example, in a restaurant, every order will be recorded. However, a restaurant won't learn much by looking at each one in isolation. However, analysis of the orders will reveal trends and patterns, such as peak dining days or biggest-selling menu or bar items. Knowledge of the business comes from the relationship between the singular pieces of information. [...]
The Fundamentals of a Business Budget
A business budget is one of the essential tools in managing your business finances and actively building your business. A budget shows what you plan to do with your cash over the next year. For a complete picture of your business health, you need to review the profit and loss statement, the balance sheet, the cash flow forecast and the budget. Taken together, these reports allow you to make informed business decisions and monitor performance. Why have a Budget? Forecast sales and expenses according to monthly or quarterly variations. Evaluate performance over time, including changes or patterns. Get really familiar [...]
Bring your A game (not your O game)
Success in sport is all about playing your 'A game'. Being the best you can be through preparation and training leading up to the game, as well as through your actions during and after the game - showing modesty and humility in success and graciousness in defeat. If everyone on the team plays their 'A game' the results are impressive. So, how do we apply the 'A game' mindset from sport to the workplace? Three A’s that bring it: Appraise: work out who will make up your dream team. Consider individual strengths and determine what your players want to achieve. Allow: empower your [...]