Fishing For KPI’s
As long as there have been fish, humans have been fishing.
Initially with a stick and a line, then we progressed to small boats and nets, and now we have huge trawlers sailing the ocean every day.
And guess what?
These huge fishing trawlers are EXPERTS at using KPI’s.
Do you know why?
Because they don’t just sail out into random parts of the ocean, drop their huge nets and then sit back fingers crossed hoping for a huge catch.
No, they consistently work off massive amounts of data.
Where did we catch the most last time? Which areas didn’t perform so well? Which parts of the ocean are best at this time of year?
All of their decisions on where to fish next are based on concrete data they have collected over time.
These huge fishing trawlers wouldn’t go out into the great big ocean unprepared – so why do so many practice owners run their practices with no clear targets, not sure where they are or where they’re heading, just dropping their ‘nets’ wherever they want and hoping for the best?
If you don’t have a clear system for tracking, measuring and improving KPI’s in your practice, then you don’t know your performance, you won’t know if you’re improving and ultimately you have ‘no clear direction’.
With a system in place you can know and track your performance, measure your improvement and have a clear and focussed direction.
The KPI Matrix™
So on the horizontal axis of the KPI matrix we’ve got ‘No Targets’ and ‘Targets’.
On the vertical axis we have ‘Not measuring, too many, wrong KPI’s’ and ‘Measuring the right KPI’s’.
Shipwrecked
So if you’re not measuring any KPI’s, and you aren’t setting KPI targets then essentially you’re what I like to call ‘shipwrecked’. You can’t navigate to where you want to go, you don’t have a map or compass to get you there and you’re marooned on a tiny little island hoping that one day a plane will fly over and help you out.
Lost At Sea
If you aren’t measuring KPI’s but you are setting KPI targets then you are ‘lost at sea’. You know exactly where you want to go, you spend hours creating detailed targets and pinpointing exactly what you want, but without your map & compass (measuring KPI’s) you’re left floating around lost at sea.
(NOTE: Want to find out how you can build your own hands-off practice? Register for our next free training webinar by clicking here)
Drifting At Sea
If you are measuring KPI’s (which is great) but you aren’t setting targets for them then you are ‘drifting at sea’. You have your map & compass, you know exactly how to navigate your ship but you have no idea where you’re heading or where you want to go, which leaves you drifting around in the great big ocean.
On Course
And finally. If you are measuring the right KPI’s, and you are setting targets then you are well and truly ‘on course’. You’ve marked the destination on the map, you’ve got your map and compass in hand and you’re sailing forwards towards you targets with all your team on board.
Sure you might drift off course occasionally, this is the ocean after all, but with your destination marked firmly on the map, and a compass in hand you will always arrive there eventually.
Which Segment Are You Currently In?
So the question you have to ask yourself is – which segment is your practice currently in?
- Shipwrecked
- Lost at sea
- Drifting at sea
- On course
And then ask yourself, “If I’m spending all my time in X segment, how is this affecting my practice? How is it affecting my team? How is it affecting the time I spend in the business? And how is it ultimately affecting my goals and ambitions in life?
Improving KPI’s
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(NOTE: Want to find out how you can build your own hands-off practice? Register for our next free training webinar by clicking here)