The power of growing KPI metrics keeps managers and business owners interested and engaged in the improvement process. Publishing and sharing the right statistics are a tremendous motivator. Stats give people something to cheer about while they work. The fantastic feeling that comes from clear growth creates incredible positive energy that translates into better performance, leading to more growth.
What are the right statistics? The answer is a combination of Overall Company Performance Metrics and KPIs (Key Performance Indicators).
The Overall Company Performance Metrics are the scoreboard. They tell everyone how the company is performing. They are incredibly engaging when they show how the company is doing compared to its competitors.
KPIs are compelling motivators for several reasons. In a well-designed KPI program, there will be relevant KPIs for every employee in the company. There will be a set of KPIs for every team, and there will be some KPIs that apply only to individuals. Teams and individuals will be able to influence their own KPIs. They will be cheering for themselves when the KPIs are published. Then there is the cheering for the other teams and employees that work at the company. Publishing the entire company’s KPIs gives every employee the opportunity to cheer for every team and individual that works at the company.
Motivational power is the silver lining of a well-designed KPI program.
At Rise Advisors, we serve owner-managed companies and draw on our 40 years of experience to help you design the most relevant KPI programs and to adjust your KPI programs as your business situation changes.
Previous Post: Adapting KPIs for Changes in Situations & Circumstances
Next in the Rise Advisors Master Series on KPIs: KPIs & Benchmarking
Your Business. New Heights.
Rise CPA provides professional accounting, tax and business advice to help you make the right decisions at the right time. Since 1979, we’ve been helping clients create businesses and lifestyles they envision by delivering expert insights and financial guidance. At Rise, we excel at advising business owners and their families in a caring and personal way. Our services cover a wide range of Tax Planning, Auditing, Accounting, Estate Planning, and Business Advisory. Please call (604) 936-4377 or use the online contact form to book an appointment with one of our accounting professionals.
