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How do you Manage Growth?

“What gets measured, improves!”
-Peter Drucker-

KPIs, or key performance indicators, will help you monitor and measure your growth.  By tracking your business’s KPIs, you can more effectively monitor each month or quarter, and chart your progress using consistent metrics.

Your business’s KPIs are dependent upon your company’s specific goals, and you should set several KPIs for all aspects of your business like your sales, marketing, and finances.

Here are some common KPI examples:

·    # of Leads (MQL) and # of 1st Appointments (SQL)

·    Total MRR

·    New customers per month

·    Total Revenue Growth %

·    Net Income Growth %

1. # of Marketing and Sales Qualified Leads “MQL’s and SQL’s”

One of the most crucial performance indicators for growth minded entrepreneurs is MQLs and SQLs.  MQL - marketing qualified leads is a prospect who has indicated interest in your goods/services based on your marketing efforts – Basically its someone who responds to your marketing campaign and wants more info.  SQL - sales qualified lead is a MQL that has been passed over to sales, qualified over the phone and the first appointment is set.

2. Total Monthly Recurring Revenue “MRR”

One of the most important metrics to track in a service business would be MRR. You want to also track the total amount of monthly recurring revenue you have on contract.  This predictable income, makes managing cash flow during growth so much easier.

3. # of New Accounts

Another thing to track is the number of new accounts that your marketing efforts bring in every month.  Once you go through the lead process, Campaign to MQL to SQL to Proposal, you want to close them.  You should track the number of new accounts that you close.

4. Revenue Growth Rate

It might be obvious, but the revenue growth refers to the rate at which a company’s income, or sales growth, is increasing. To find revenue growth rate, begin with your business’ total revenue for the current year. Next, divide current revenue by total revenue from the previous year to find the rate of growth. By calculating revenue growth rate regularly, you can assess whether growth is increasing, or decreasing. Use it to make any necessary changes to grow and stay profitable.

5. Net Income Growth Rate

Net income growth is the percentage gain (or loss) in net income over a monthly basis. It is a good indicator of the rate at which companies have grown profits.  Monitor this monthly and compare to the previous month and same month previous year.

A company can’t adjust its strategies and procedures if the people in charge don’t know how business is trending. By tracking KPIs regularly, business owners can measure various factors affecting their growth and make course corrections as necessary. In the long run, doing this gives companies the best shot at succeeding.

If you want to learn more about what goes into developing a KPI, or have any questions about them, give me a call:  888.827.COACH

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