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Know Your Numbers

 

Adopting methods to measure success is necessary for any company that wants to maintain its competitive advantage. Although that may seem common sense, pin pointing which areas need the most focus requires strategy. Key Performance Indicators (KPIs) are “measurable values that demonstrate how effectively a company is achieving key business objectives”. They can be applied on a large scale to assess company-wide performance, or they can be applied to specific departments. Understanding how and where to apply KPIs is the most important part of the implementation process. It can be detrimental if a KPI is incorrectly applied or applied to the wrong department. The goal of these metrics is to gauge the performance of the most germane criteria for your business.

Be SMART About Your Goals

To ensure your KPIs will be accurate measurements of success use SMART:

Specific: Are your company goals specific?

Measurable: Can you measure your success in these goals? Do you know what you want the outcome to be? How do you know you have achieved your goal?

Attainable: Are your goals realistic? How often will you need to analyze progress?

Relevant: Are your goals relevant to the products or services you offer? Why are these goals important?

Time-frame: What is the time-frame for achieving your goals?

Using a tool such as this will help you to determine the area of focus you would like to see growth within your company.

 

Finding KPI’s That Work For You

The categories of KPI’s are vast. There is literally an indicator for every category you can think of that pertains to your business.

For example, a small construction company may want to measure their marketing and social media KPIs to evaluate which advertising methods reach the highest number of people within their demographic. Or perhaps a software company, to increase diversity, may employ a Human Resources KPI to measure the male to female employee ratio. In both, examples of KPIs are being used to fine tune and identify areas where resources are being misused or where full potential is not being met.

Here are some examples of the types of KPI’s you can utilize:

  • Client satisfaction rating
  • Number of new cases/matters you opened in the last full month
  • Number of cases/matters you closed in the last full month
  • Number of potential new clients (PNCs) who showed up for those consults
  • Number of marketing actions have you took in the last full month

Inside And Out

Growing your company is more than just copying the industry norms, it is knowing your company inside and out, so each KPI can be tailored to strengthen specific company-wide weak spots. Reestablishing goals and criteria to better meet the needs of your company may be overwhelming at first, but worth it once your company begins pulling ahead of competition and growing like never before!

 

Map Your Vision: Goal Setting for Business Growth

You’ve started your own business and you’re on a mission to become a goal crusher towards business growth.  So how can you plan for your success?  While very simplistic, goal writing is often put to the side.  Taking the time to write your goals is going to be the first step in implementing your vision.

Breaking It Down

Goal writing doesn’t have to be difficult, but it does take time.  The first thing you need to do is set aside solid time to think about what you’d like to see in your business.  Start by first writing one or two annual goals.  What would you like to see happen in your business in the next year?  Three years? Break down your annual goals into a series of action steps.

It is also a good idea to come up with two or three smaller goals to achieve within the next business quarter or 6 months.  Again, after the goal is written, think about the action steps needed to take you closer to that goal.

Precise Picture vs. Action Steps

If you were to put these goals into a picture, what would it look like?  You can go back to your goals and action steps at any time and ‘adjust the course’ as necessary.  The beauty of revisiting your goals is that it keeps you fresh in your vision.  You don’t necessarily have to have all the answers for your action steps.  Rather, focus on describing what you see.

Cameron Herold, author of Double Double, describes how you must create a ‘Vivid Vision’ first.  To do so, you must free yourself of your worries within your business.  While this may seem difficult to do, he explains it’s important to allow yourself the freedom to visualize your future.  Here are some simple tips he gives for you to clear your mind:

  • Get out of the office
  • Turn off your computer and other devices
  • Think of the ‘Where’ and not the ‘How’
  • Be an outside-the-box thinker

Vision Maps

Vision Maps can be used to describe your future state. Herold suggests that you start by closing your eyes and just ‘think’ about what your company looks like three years from now.  As you are envisioning this, think about each functional area of business.  Write down three to four bullet points for each area of your company.  What does the marketing department look like?  What does the administrative department look like?  And so, on and so forth….

Write down everything you see – what do your clients say about you?  Your employees? It’s important to write it down as if it’s all true and has happened.  All you’re doing is describing the finished state of your vision.

Once you’ve collected those bullet points you can come back and organize it.  Your content will be organized and then you can create similar themes for it to align.  As you pick your themes, they will then link into a cohesive story or message you wish to convey.  You can then create a visual around the story you have created.  Vision maps help to replace lengthy documents and open the door for communication between you and your audience (employees, clients, etc.).  Your vision and the goals you originally wrote should align.

Hire A Graphic Designer

Now that you have all your bullet points organized, you see the finished state of your vision.  Each department is organized and exactly the way you want it.  Consider hiring someone to put your vision into the picture you imagine it to be.  Once that graphic design is done, display it in a place where you will see it every day.  Be proud of the outcome that is to take place and involve others in your excitement.

 

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Take Your Small Law Firm to the Next Level

Take Your Law Firm to the Next Level

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Our newsletter shares expert advice & practical articles to elevate your law firm’s success.