How To: Business Performance Management
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Previously, we have discussed the importance of setting realistic business goals. Now, let’s dive into how to effectively track progress towards these goals. Every business is unique and no two businesses will have the exact same path towards achieving their goals. However, no matter the business, tracking progress and setting benchmarks is key in successfully measuring success and achieving goals.
“Tracking performance with defined metrics helps businesses visualize next steps, identify areas of improvement, and achieve goals faster.”
To see how your business can optimize performance tracking, we must answer the following questions:
- What are the benefits of benchmarking goal progress?
- What tools can help your small to midsize business easily track performance?
What are the benefits of benchmarking goal progress?
It is not enough to just set realistic business goals, we must also set key metrics and benchmarks on the path to achieving those goals.
Benchmark goals are clearly defined steps and progress checkpoints allow businesses to stay informed, aware and on track. Now, let’s dive deeper into the benefits of setting checkpoints for our goals.
Competitive Analysis: We can use this process to measure businesses against internal and external standards and measure progress against competitors. This is key in any industry in order to stay competitive in the marketplace.
Measurement Effect: It is intrinsic human nature that when measuring activity/goals/progress, we tend to see improvement.
Identify Problems: By establishing benchmarks toward goal completion, it easily highlights when problems arise and a company is no longer moving towards the goal. This allows for a quick reaction to get back on track. It also allows for process improvement and better, more efficient business practices.
Maintain Focus: Having clearly defined benchmarks helps keep you and your team focused and stay on track towards all of your business goals. This practice keeps your team seeing the daily progress and keeps the big picture at the forefront.
“Tracking gives you and your team something to celebrate and pushes you to keep progressing toward your goal.”
A study by Censuswide and Geckoboard looked at over 250 small to midsize businesses in the United States and found that setting growth targets and tracking progress dramatically increases your chances of reaching your goals. However, 1 in 10 small businesses have no growth targets, and only 1 in 10 small businesses have growth targets to track their goals. Businesses that set and track goals have been found to hit a majority of their goals up to 96% of the time and hit all of their goals 41% of the time.
Monitoring goal progress metrics is crucial in ensuring the goals are translated into action. No matter the setting, if you are attempting to achieve a goal, the more often you monitor your progress, the greater your chance of accomplishing that goal. This chance increases even more when the progress is physically recorded. This is where apps, like Sunsett.io, come in.
“Businesses that do not set goals or track goal progress tend to show little business growth. 77% of these businesses consistently report less than $100,000 in revenue yearly.”
How can Sunsett.io help your small to midsize business easily track performance?
Simple and easy-to-use tools, like Sunsett.io, are key in helping small to midsize businesses easily and efficiently track their goals and progress. Sunsett.io provides an affordable option for small businesses to easily set realistic business goals and see their performance updates in real-time. With Sunsett.io, you are able to set realistic goals, make informed decisions for your business and measure success.
Inside Sunsett.io, your data works for you. You and your team will receive detailed, recurring reports to keep your team engaged and on track towards growth. Sunsett.io provides you with personalized insights, offering quick tips and metric suggestions based on your connected platforms and project goals.
Visit Sunsett.io and start a free 7-day trial and see how Sunsett can help you and your team work more collaboratively and turn your data into actionable insight and help your small business grow with confidence.
Find value from today’s article? Leave a comment below or sign-up for the Sunsett.io by Monicat Data platform at Sunsett.io