Implement KPIs
Increase Efficiency in Your Business by Measuring KPIs with Scorecards
Create Scorecards for Business Growth
Whether your goal is to become a more systematized organization, to scale your company or stabilize what you have accomplished, utilizing scorecards for business growth tracking can help. Utilizing weekly activity-based scorecards based on Key Performance Indicators (KPIs) will allow you to accurately gauge the pulse of your organization on a consistent basis.
Most businesses determine quarterly KPIs, but we take this one step further by implementing weekly scorecards for business tracking and to ensure growth. This allows you to keep tabs on all important activities that contribute to your success. Plus, you don’t have to wait for a quarterly review to pick up inconsistencies.
If you are able to monitor key metrics from your sales, operations, and finance departments on a weekly basis you will be able to react to issues and downturns as they arise. Below you can click through to view example KPIs for different industries.
There are a few rules to keep in mind when creating your departmental KPIs in any industry. When implemented correctly, metrics should motivate team members, instead of overwhelming them!
Metrics should:
- Be measurable: when you implement a scorecard that is measurable you reduce the bias that lies within managing assumptions, opinions, egos, and emotions.
- Be reviewed weekly: your scorecard metrics need to be reviewed in a weekly meeting to ensure compliance and to determine whether your organization is on track.
- Be a collaboration: Team members and management should collaborate in choosing goals so the numbers are reasonable.
- Be growth-orientated: You want your weekly goals to work towards achieving bigger goals.
- Ensure accountability: Team members should be held accountable, so while goals should be reasonable and chosen in such a way that there is room for improvement, team members shouldn’t be penalized if they’ve set the bar too high.
View Scorecards and KPIs for Your Industry
View and download example KPIs for each of these industries
We Can Help Select and Implement KPIs
Implementing scorecards and measuring KPIs can be tricky. Often, employees get stuck trying to identify metrics for themselves. We can help your team identify goals to track, as well as address any issues they are having. Our business advisory services can extend to meetings with your team where we mobilize them to complete their scorecards each week.
Putting some thought into this integration phase is worth it, as you’ll have reliable data to use in your company. This is invaluable for forecasting and to improve profitability. You can also identify issues or anomalies and find ways to solve them in meetings. This process greatly streamlines interaction within a team as everyone is accountable for their score and know what they should be focussing on.
Since I’ve been with Fusion, they have provided with me a solid business plan to continue my growth, both horizontally and vertically. They implement streamline review, critique, and implementation, that allows for any and all companies to assess their worth and, in turn, allocate the best resources to turn maximum profit. In short, Fusion CPA will take your company from tier-1 to top-level with their expertise, top-notch advice, and excellent implementation.
Let Our Expert Team Help You Grow
We are expereinced in growing businesses and mobilizing teams. We have had great success with scorecards as it is a powerful tool for managers, owners and investors to gain big-picture control. With our help, your team can optimize their scorecards to reach their weekly project goals while keeping quarterly outcomes in mind. Contact us and let’s chat about increasing transparency and profits with the help of scorecards.