You are clear about your business goals, you have your plan of action set out, and you are already implementing that plan.
As business owners, we are constantly busy juggling, managing our limited resources – time, money and energy – between our business and other aspects of our life. But how do you know if you are getting the right results? With performance measures.
What are performance measures?
Performance measures help to evaluate the performance of your business against your goals. By reviewing your performance data, you are able to see how well your business is performing, what is working and what needs improving to achieve the results you want.
Performance measures are powerful tools because they help focus the mind and make decision-making easier.
And we use performance measures in everyday life…
Interestingly enough, performance measures are not only used in business. We use them in everyday life for the important areas of our lives, without using the fancy name!
For example, if you are saving up to buy a house, you will check your bank account regularly, keeping a close eye on what’s going in and out of your account to ensure your balance is always in the positive and increasing. You will want to know how much you have saved towards your target; you will take action if there is an unexpected transaction on your account and so on.
Or, if you are trying to lose weight, you will have an ideal weight in mind (your target weight) and you will most likely weigh yourself regularly to track where you are against your target and again, take action if necessary to get on track.
What is key in these examples is that by measuring your performance (how you are doing), you can make informed decisions about your next steps and you know when you have achieved your goals.
This is exactly the same thing we need to do in our businesses.
Download my 7-step guide to measuring your business performance to start using performance measures in your business today.
If you would like to find out more about performance measures and what you should be tracking in your business to improve its performance, why not get in touch to find out how I can help you in achieving your goals. Email firstname.lastname@example.org or call 07950 472236.