Data used wisely has colossal power! During this episode we will explain the importance of identifying key performance indicators for your business and how to choose the right ones to measure and track your success. 

TOPICS COVERED 

• The significance of setting KPIs and understanding why setting them is crucial for business success.
• The essential types of KPIs to track progress effectively.
• Learn how to pinpoint the source and owner of each KPI for streamlined accountability.
• Create weekly performance goals to drive continuous improvement and growth. Use the companion workbook available at www.aforceforgood.com/retreat

CHAPTERS:

• 00:02 - Welcome to the Retreat
• 00:05 - The Importance of Women Founders
• 00:16 - Shocking Statistics on Women-Led Businesses
• 00:44 - Barriers to Exponential Growth
• 01:12 - The Power of Purpose-Led Leadership
• 01:52 - Key Performance Indicators: A Game Changer
• 03:08 - The Importance of Measuring Success
• 04:50 - Choosing the Right KPIs
• 06:02 - Identifying and Tracking Your Metrics
• 13:13 - Selecting Your Data Owners
• 14:02 - Setting Goals for Your KPIs
• 21:43 - Designing Your Weekly Dashboard
• 21:53 - Closing Remarks and Next Steps

KEY HIGHLIGHTS:

• KPIs are set once you’ve created goals and quarterly plans developed in episodes 1-7 in the  1-Day Business Acceleration Retreat. 
• Use the companion workbook available at www.aforceforgood.com/retreat to track your journey. You will develop a succinct plan, achieving clarity, and aligning team efforts.

TAKEAWAYS:

• Women-led businesses have immense potential for growth, yet only a small percentage achieve significant revenue milestones.
• Key Performance Indicators (KPIs) are crucial for tracking business health and driving performance improvements.
• Establishing a clear set of KPIs allows businesses to measure progress towards their twelve-month goals effectively.
• Choosing the right KPIs involves assessing which metrics align best with your business objectives and growth plans.
• Weekly data collection for KPIs should be quick and efficient to encourage consistent tracking and innovation.
• The combination of intuition and analytical data leads to transformative outcomes in business growth strategies.

NEXT STEPS:

• Listen to episode 9 – Design a Weekly Dashboard 
• 1-Day Growth Plan Template & Companion Guide! Download the tools that complement this podcast series here: https://aforceforgood.biz/free-plan/
• Are You Ready to Grow? Find out your Growth Readiness Score and receive tools tailored to help you accelerate impact, scale, and profit. https://aforceforgood.biz/quiz/
• Pre-order your copy of "A Force For Good," the book launching in 2024, and immediately receive access to the full Force for Good Toolkit. 50+ tools and templates that will help you unlock the puzzle of growth in your business: https://aforceforgood.biz/book/
• Online Growth Accelerator! Sign up for the online path to turning your company into the high-impact, high-growth company you envision. https://aforceforgood.biz/accelerator/

***The Business Acceleration Retreat is also available in video format at the FFG YouTube Channel.***

ACCESS THE FULL BUSINESS ACCELERATION RETREAT on YOUTUBE:

Episode 1: Introduction:

https://youtu.be/OEsx0VU2VuQ?si=inHNNhcxwcv4I-63

Episode 2: Unleash Your Core Purpose

https://youtu.be/tWF4jPAck-c?si=yMMhgst38ObKj5Hb

Episode 3: Unlock Your Company Vision

https://youtu.be/tWF4jPAck-c?si=yMMhgst38ObKj5Hb

Episode 4: Discover Your Most-Needed 12-Month Breakthrough

https://youtu.be/NNJJveaqUsA?si=gkNJl7hIvOffNsJV

Episode 5: SWOT Your Way to Business Growth

https://youtu.be/fw4-wkz6Cns?si=RswTKUQ3e3iiIRYQ

Episode 6: Create a Winning Quarterly Map

https://youtu.be/xz7QNkdglSo?si=7pVcxR5NIfpSGZCR

Episode 7: 30-Day Goals Transform Your Team

https://youtu.be/i0shqlju2X0?si=BAoeEzdlYrZ8Q0cc

Episode 8: Using KPIs to Propel Business Breakthroughs

https://youtu.be/98MHXIU3mw0?si=sQIVEAaeqE9ImC7l

Episode 9: Crafting Your Weekly Dashboard for Success

https://youtu.be/zk87Ugbbhg4?si=pSmGNJ4KyGUgPmKR

Episode 10: Launch Your Weekly Acceleration Meeting

https://youtu.be/JHzKHAx2Q-s?si=iTwi8f07oQU88ObM

Welcome to the one day business Acceleration Retreat.

This experience is designed to help women founders just like you plan and execute the exponential growth of your business.

Only 3% of all women led businesses cross the chasm of generating $1 million or more in annual revenues, and only 2% are funded through venture capital.

These statistics are shocking given that women are also known for delivering a higher return on capital and for being better able to handle major disruptors in business.

The one day business Acceleration retreat is your entryway into breaking through the barriers of exponential growth by helping you build a purpose led and visionary plan to inspire your team.

Also guiding you to discover specific, specific, repeatable actions that will create traction.

More prospects, more customers, more sales.

I am Coco Selman, five time founder, Impact investor, creator of the force for good business system, and your host on this transformative journey.

Women led business is the most powerful, innovative force in the world.

With purpose led leaders like you at the helm, we can lead in both impact and profit.

The future of business is women.

This is our time.

Let's make the world better through business.

Welcome back.

We're onto the episode number eight, which is so important.

It's so important, it's game changing.

This is.

This is the topic of key performance indicators, which I got to tell you, is the area that I find most business owners, including myself, for a very long time, resist.

This is the key, okay?

Especially to you.

Heart centered, purpose led leaders who lead through intuition.

Lead through inspiration.

Yes, those are good things.

But numbers tell a story.

Tracking tells a story.

Innovation will not happen.

Performance improvement will be minimal if you do not use KPI's.

I could not be more passionate about this.

If you knew me personally, you would know that I am incredibly intuitive.

But I'm also very analytical.

And it's the blend of the two that creates profound transformational results in your business.

So this is a topic that one cannot skip over.

It is so important.

KPI's are how you diagnose the health and wellness of your company.

And it helps you see and the better you get at measuring your performance and your progress, your systems, your results.

Better you get at doing it, the more confident you will become in being able to create any breakthrough you could possibly need to have.

It is how you can most efficiently, effectively, quickly, transformatively solve for any problem you encounter in your business.

So, without further ado, let's start talking about it.

So here we are.

So what gets measured gets managed.

What gets measured gets approved.

What gets measured gets done.

These are all important quotes from Peter Drucker data used wisely has colossal power.

The aim of the weekly acceleration meeting, which we're not going to talk to until episode ten, but I'll sort of, sort of forecast and lay the groundwork in this particular episode.

The aim of that meeting every week is to empower you and your team to succeed.

So to accomplish whatever you want to create key performance indicators are probably an important part of it.

So we're abashedly focused right now on the twelve month breakthrough goal, and using data wisely will catapult you towards success really fast and really efficiently.

I cannot tell you how many times I've seen this happen.

Work with so many teams who are adverse to numbers and tracking.

In my business, where it's nurses and medical, you can have the judgment that numbers are not about people.

And that's not true.

What it does is it gives you a framework to be able to have very, very strategic and deep conversations about how to make your business better, right, how to make your impact better.

So, on your way to success today in this retreat, you'll need a clear way to measure progress, hopefully always progress, on your critical goals, that being your twelve month breakthrough goal, the goals that you set for each quarter, your quarterly map, as well as the 30 day goals.

So you need to kind of look back on those and see how do I measure progress on those goals?

And that's gonna help you come together with a list of key performance indicators that are relative to your breakthrough.

So in your weekly acceleration meeting, you and your team will meet and reflect on these goals and measure progress.

So for each of these goals, you'll need to establish a way to see where you're going, how it's going, and keep performance indicators or specific measures that reveal progress over time of that goal.

So for each goal, you're invited to select a KPI, sometimes one, sometimes two KPI's, to track weekly.

So we want to look at it weekly.

Some data is hard to track weekly.

And for a different time and discussion later on in the journey, you'll have certain KPI's that are the appropriate to track monthly.

All the data that you put together in this process today needs to be readily accessible, available to track on a weekly basis.

Because we want to create innovation every week, we don't want to have to wait every month.

So it needs to be data that we can collect every week, see how we're doing, ask ourselves what's working, what's nothing, how can we improve?

And so the KPI's give us a really solid way to do that.

So the first thing you're going to want to do is you're going to want to choose your KPI's by looking through your goals and just asking yourself the question of like what are the best ways to measure them?

And included in the companion manual is a, is a special page that's dedicated to KPI's, a listing of KPI's.

So I'll give you some examples of commonly used KPI's and then you can decide which ones are best for you.

So market expansion.

So you might show market share growth rate, you might show customer acquisition cost is commonly a KPI customer lifetime value, probably not one you want to look at weekly.

You want to look at that more annually or quarterly sales, revenues from new markets.

You want to see revenues per product.

Per type, per source.

Those are all really important measures.

You might look at product innovation, number of new products launched, progress on products net promoter score again on a weekly basis, it's probably less effective.

We're going to want to look at inventory, right?

Inventory turnover is common for weekly.

You might look at production yield, you might look at customer retention rate, you might look at churn rate, website traffic and conversion rates.

Cost per click click cost per acquisition.

These are really important numbers.

Click through rate, social media engagements and followers every week.

Definitely need to be following that.

If you're trying to grow your business through online marketing.

Return on ad spend could be around your employees average trading hours.

Perennial employee could be number of employees onboarded.

If that's important to you in helping you create a lot of acceleration, it could be cost reduction.

So cost to revenue ratio, cost per unit reduction, could be some kind of quality measures, right?

Defect rate, consumer complaints and returns.

Any.

Kind of compliance, regulatory compliance that you want to track on a weekly basis.

New strategic partnerships that are formed.

That's a big part of how you're growing your business partner satisfaction and feedback, joint marketing campaign success, very important to track new customer acquisition, all kinds through partnerships or through other channels, cross selling, upselling.

These are all different things you want to measure and track.

You want to pick the ones that are most important to your goals.

And then the next piece, once you identify, is to figure out who's going to be the person responsible for collecting that data and where are they going to get that data.

So you want to find the person that has closest access to the data, who's going to report on it and who's going to own it.

Sometimes the goal might be overall owned by somebody else.

So for example, there might be a recruiting manager thinking about my own business.

So you might have a recruiting manager who oversees how many people are hired every week or onboarded every week.

And so the owner of that process, the whole process, might be the recruiting manager, but there might be someone who's responsible for conducting or scheduling all of the interviews.

This is a real story.

So you could have somebody within the team who reports to that manager who's responsible for scheduling interviews.

And so that person would be the.

Person who owns the KPI of how many scheduled interviews or how many delivered interviews did we have last week, the week before this week, etcetera.

So you want to choose your KPI's and then you want to identify who, who's the person who can own collecting that data.

And probably the person who mostly has the greatest effect on that data.

The one who's every week is going to want to improve their performance in some way, make tweaks and so that they get a higher yield.

And then you're going to want to think about where does this person get the data?

Is it that you have a software platform that tracks all of the data that you, that you need and you just need to run a report and extract it that way?

Or is it the kind of thing where you need to keep track of it manually and then report it?

Or is it the kind of thing.

Where you extract data and you have.

To run a bunch of reports and then you finally get the data.

So really important for this weekly data that it is, it takes less than five minutes a week for the owner to collect the data and report it.

If it takes more than that for each KPI, it will not get done and it's not efficient and it's a.

Waste of your time.

So you want to identify KPI's that.

You can collect every week that are most indicative of the innovation and progress.

And things that would hold back success.

In your goals, your twelve month goal most directly.

And you want to then identify the.

Person who is going to collect that data every week.

And sometimes it's more than one person.

Sometimes you have multiple people who are recruiting and they all have to report the data and we'll get to that.

And where do they get that data.

How do they track it?

And, you know, and then we'll talk.

About where they, where they put the.

Data so that it's reported, but who's going to own it, where is it going to come from?

And the last piece you want to think about is what are the goals.

For each of those KPI's?

So you're going to look back one week, say, it's like I just was talking about scheduled interviews.

So let's say scheduled interviews, you want.

To hire more people.

So you're going to really accelerate the number of people you hire by scheduling a lot more interviews than you have in the past.

Right?

That's the goal.

So you might look back and say, well, how many did we schedule last week?

Oh, we scheduled 25 last week.

So this week let's try to schedule 35.

Right?

That might.

And what could we accomplish in the first 30 days?

So we're setting KPI goals every 30 days and then looking every 30 days to revisit those goals and continue to produce the results we want.

So you'll think about what your performance goals will be for every KPI and then you just start to track it.

And it might sound confusing right now, but it won't be when you get through today's retreat because all going to be laid out for you.

So let's pick KPI's.

Let's do this.

All right, take a moment back to your heart, to your being, and know that KPI's are an analytical part of the journey.

But choosing them and how you treat them and your energy that you bring to them can be way more than just your mind.

It can also be really important to connect to your heart and the rest of your knowing.

So reflect on your twelve month breakthrough goal.

What is it?

Write it down and then write down your three goals for this quarter.

Three goals for this quarter.

And then we're going to identify, write down your 30 day goals, the 330 day goals that you have and who all those goals, how you're getting aligned, see how you're getting your team involved.

Your people are going to start trickle down.

So it's not just you.

You doing all the measuring, you doing all the thinking.

So now that you have all these goals in one place, next step is just to brainstorm a list of weekly metrics that you could use to track those goals.

Okay, take a few minutes right now and write down at each goal and identify what the metric would be.

Sales units, some kind of a throughput, conversion rates, click through rates, some quality improvements, improvement that you're looking for.

Is it a timeliness improvement, something that needs to prove its efficiency?

Maybe a certain volume of something that needs to be done in order to create the breakthroughs.

So just go ahead and I have a thunderstorm going on here.

Yes.

So keep writing your list.

And now you're going to choose the most important metrics.

Go ahead and select five or so three to five metrics to start with.

Once you get started in metrics, if you're a data file and you're already tracking metrics, this won't be scary or hard for you.

But when you're getting started, it's good to start with a few and then over time add.

And as we continue on in the journey, the future, I can support you, the organization can support you in helping to add layers.

This is part of that adding complexity.

Let's start with three to five.

So write down the weekly metric, whatever the metric is, you're going to measure the KPI.

Then you're going to write down for each one where you're going to get the data, how it's going to be collected.

Is it living in a system?

Somebody's going to run the XYZ report every week.

Here's the data.

Do they have a checklist?

Is there a Google file where they're going to put their daily totals?

And then at the end of the week calculate, how are they going to do this?

This takes sometimes a little innovation.

How are you going to practice?

And I will tell you some of the most important metrics in my business.

It took years to figure out how to chew, to measure and collect.

Get the ones that you can readily evaluate.

And then if you have an idea of what your weekly measurement was, week, or what you generally do, write down what you currently, how you're currently doing.

If you don't know, a next step out of this day of retreat and clarity forming and strategy is for you to go back and measure each KPI for last week.

And even better, if you can look back and find data for twelve weeks back, because that's going to give you a really nice sense of data.

If you don't have it, no sweat.

Just write down whatever the current last week's measure was or what you think it is.

Yes.

Right now.

And then write down what you'd like that to be.

I think within 30 days at the end of this month or the end of next month, depending on where you are in the month, give yourself good 30 days to make progress and decide what that, what that goal is for each metric and who's going to own it.

Who is going to be the one who collects that data and reports it every week.

Okay.

All right.

So we've come to the end of the KPI's and now you have a listing of all the KPI's that are most important to you, which is absolutely wonderful.

And next up on our process is.

To design a weekly dashboard.

All right, so we're gonna see you in a few minutes.

Take a few minutes, get some fresh.

Air, and be well.

I'll see you in a few.

Congratulations on embarking on this incredible journey.

With the one day business acceleration retreat.

Now that you've had a taste of the force for good system, a gateway to accelerating impact, scale and profit in your business, we invite you to continue your journey with us on our virtual business accelerator.

Learn more at www.

Dot affordable forceforgood vis accelerator.

It's your transformative path to installing the elevated system of building continuous cycles of purpose led prosperity in your business.

Learn more at www.

Dot aforceforgood dot Viscelerator join us today.