In my previous blog ‘What should you be tracking in your business?’ we talked about the different areas in your business that you should track to measure your progress and success.
In this blog, I want to provide you with some tools that will help you to do the tracking!
We discussed the importance of monitoring your customers and their journey through your business, but how exactly can you track and store that information?
A CRM (Customer Relationship Management) system is a great tool to help you with this. There are hundreds on the market to choose from ranging from relatively simple platforms through to complicated programmes with all the bells and whistles, and of course, they differ in price. Start with something simple that is going to track the necessary information that you need and go from there.
A CRM is a category of integrated, data-driven software solutions that improve how you interact and do business with your customers. CRM systems help you manage and maintain customer relationships, track sales leads, marketing, and pipeline, and deliver actionable data. (Source: https://dynamics.microsoft.com/en-gb/crm/what-is-crm/)
In straightforward terms, a CRM would allow you to create a customer record and then record every interaction, sale, query or lead you to have with that person. This way, you can monitor average spends, repeat purchases and conversation rates from different campaigns. The data that you can gather will give you a massive insight into what is and isn’t working in your business.
Social media impact
When you are spending time creating content to share on your social media channels, you want to make sure that the material is being engaged with by your audience. But without tracking this somehow, how do you know?
On all social media platforms, there is a facility to have a look at the insights feature on your posts. These useful tools allow you to see things such as:
- How many people the post reached
- How many times it was viewed
- How many people commented, liked and shared your post
- How many times it was clicked on if you shared a link
- How many times people viewed your profile or other content as a result
- How useful the hashtags you used on the post were
- How your platform performed over a week or month and the ability to compare this against previous months
By looking at this information and assessing the insights that it provides, you can adjust your strategy and make improvements. For example, if posts that always have pictures of you in are more successful or engaged with than others, then this should be telling you that this is the kind of content your audience prefers.
Ensure you check the insights feature on the platform you are using and do something with the data it provides!
Your Financial Performance
You may already have an accountant to support you with your financial tracking, however if not, it is essential that you have a good understanding and knowledge of what is happening with your finances.
The benefit of using this type of software is that when kept up to date, you can have access to a range of real-time information about your finances, for example:
- You can see how much you are spending on expenses and create reports to compare months and quarters
- You can see how much income you have made and again break this down by weeks, months or quarters.
- You can see how much pending income you have in unpaid invoices
- You can easily keep track of outstanding invoices
Monitoring your staff’s performance is obviously crucial not only to your business performance but also your profits.
In a product based business, you can more easily monitor things like their sales, which in turn, allows you to work out your profit per employee compared to the wage you are paying out.
You should also be monitoring things like staff engagement, for example. You could do this by asking them to complete quarterly feedback forms or during their appraisals. You could then record this data in a way which would allow you to compare results against previous months. If there is a trend (either up or down), you can then look at what has been going on in your business over past months and see how this has impacted.
Other methods you could research to help measure and evaluate employee performance data are tools like 360-degree feedback systems, self-evaluations, simple checklists and MBO (Management By Objectives).
It is essential to remember however that when monitoring employee performance measurements there can be many contributing factors and so a comprehensive review should be based on an average snapshot compiled over time, and not just looking at one single point in time.
If you would like support in exploring any areas of your business and its performance, as well as creating tailored strategies for improvement, please get in touch with me on email@example.com or call 07950 472236 to discuss services and packages to suit you.