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The complete guide about KPI’s

Having defined KPIs is essential to the good performance of a company. KPIs are the key performance indicators that tell us what state the business is in and how far (or near) we are from meeting the stated goals. Based on the indicators and the company’s performance, managers can make more informed and informed decisions. BAM tools such as Multipeers allow you to track KPIs continuously and in real time. Analyzing performance on a constant basis ensures that more attention is paid to meeting the objectives, effectively increasing the degree of achievement. Continuous performance monitoring plays a key role in planning and monitoring as it provides information on processes developed by the organization. The effectiveness of any control strategy depends to a large extent on the correct suitability of developed performance metrics and KPIs. In this article, we’ll talk about everything you need to know about KPIs!

How to define KPIs?

Be specific

The more specific a goal is, the easier it is to find actions to achieve them in a short amount of time. Business goals should be simple, so it is much easier to manage them. An example of this goal is “updating the website quarterly”, which is easy to understand which means updating the website in January, April, July and October. A business goal that says “increase the number of proposals sent” is very vague and gives us no clue as to what we should do to reach it. Thus, it is preferable to use a goal that says “get 3 new customers per month”. It is a much simpler goal and it tells us the time interval. Business goals should be simple, so that the entire team is able to understand them. If you get too complicated, you risk not being able to extract any useful information from your analysis. And if the employees do not understand the indicator can be unmotivated, which harms the whole performance of the company.

Be realistic and objective

We all want to be the greatest entrepreneurs in the world, but there are obstacles that go with that and we have to have that awareness. When you set business goals too high, the risk of falling is much greater. And as the goals are harder to reach, you will be frustrated to realize that you cannot achieve them. You must set realistic goals that are appropriate to the reality of your business. If you do not have a great investment capacity at the moment, you will not be able to define as a business goal to increase the team by 10 employees. Business goals must be established according to the reality of the company at the moment, since only then will it be able to achieve them.

Set rigid deadlines

When there is no deadline for accomplishing a particular task or goal, it is more likely that it will drag on in time and eventually be forgotten. It is essential that you set a deadline to achieve a particular business goal, because only then will you be able to define a timeline and assign necessary actions over time. The stated deadline should be like the business objective: specific and realistic. It should not set too short or too long a deadline, as both cases may cause demotivation on the part of those responsible for achieving the objective.

Do a regular review of business goals

Business goals should be reviewed regularly and should be adapted as the changes are verified in the company. Long-term business goals should be monitored so that you can verify that all the actions required to comply are being carried out. Business goals are not static and it is not mandatory that they remain unchanged. Whenever necessary, you should change and update them, and in more extreme cases, you can even eliminate them if you find that they no longer fit the way the company works. A goal that yesterday was quite important, today may have lost some of its importance. Companies are living and dynamic organisms and as such changes must be monitored in all areas of the company. Evaluate at least every three months whether the indicators that have “assets” are the most appropriate given the period the company is going through. However, care must be taken not to make the mistake of changing or eliminating business goals just because it is difficult to achieve them.

What can KPIs do for a company?

Clear knowledge about business strategy

It is essential that each employee of the company or organization knows their KPIs and that they are updated with some frequency. “If we don’t know where we are going, any way is good”: the same goes for companies. If we are not aware of the results we should achieve with our work, we can do anything, and this may not be in line with the organization’s overall objectives. Defining the indicators of each employee and connecting to the monitoring system is essential for obtaining a global and integrated view of the state of the company and the performance of each one. It is also important to mention that each employee should have access only to the indicators that are important for the continuation of their work, so as to have a more focused and organized day-to-day.

Allow to evaluate the company quantitatively

KPIs allow measurable results to be achieved. And this is very important in a company, because the numbers do not lie! It is not enough to have a subjective knowledge about the results of the company. It is necessary to know objectively the true values ​​of the organization. Through the analysis of KPIs it is possible to redefine strategies and change what is not giving positive results. It is essential that KPIs are evaluated on a frequent basis, since only in this way can they have a significant impact on the life of the company.

Increase the performance of the sales department

When well defined and implemented, KPIs help drive sales. When there are defined goals and rewards associated with their implementation, the tendency is for employees to work even harder to achieve the stated goals. This creates healthy competition between the different vendors and in the end the company comes out to win with the increase in sales!

Make decision making more efficient

KPIs provide a lot of information about the company and in that way make decision making more efficient and easier. Managers often complain about the lack of information about the company in order to be able to decide consciously and these performance indicators gain a prominent role in making decisions about the future of the company. Managers can only make assertive and sound decisions if they have a full understanding of business reality. And nothing better than KPI’s to provide all that knowledge.

Improve achievement of objectives

Analyzing the performance of a company on a constant basis ensures that more attention is paid to meeting the objectives. An efficient process must be planned and controlled. Continuous performance monitoring plays a key role in planning and subsequent control because it provides information on processes developed by the organization. The effectiveness of any control strategy depends to a large extent on the correct suitability of developed performance metrics and KPIs.

Dicas de Gestão

How to set challenging and realistic business goals?

Knowing how to set business goals is the first step to a successful path. When we have a defined goal, it is much easier to design a strategy and define what actions are necessary to achieve our goals. Any business needs established goals, because it will be based on them that the whole performance of the company is defined. Unfortunately, many managers do not understand the importance of business goals and start working without having a plan. This is one of the main reasons why companies often do not survive. Business objectives provide a lot of information about the company and to that extent make decision making more efficient and easier. Managers often complain about the lack of information about the company in order to be able to decide consciously and these performance indicators gain a prominent role in making decisions about the future of the company. Managers can only make assertive and sound decisions if they have a full knowledge of the business reality, so it is essential to monitor the fulfillment of the objectives in real time. And nothing better than KPI’s to provide all that knowledge. In today’s article, we leave you some important tips for setting challenging and realistic business goals!

Be specific

The more specific a goal is, the easier it is to find actions to achieve them in a short amount of time. Business goals should be simple, so it is much easier to manage them. An example of this goal is “updating the website quarterly”, which is easy to understand which means updating the website in January, April, July and October. A business goal that says “increase the number of proposals sent” is very vague and gives us no clue as to what we should do to reach it. Thus, it is preferable to use a goal that says “get 3 new customers per month”. It is a much simpler goal and it tells us the time interval. Business goals should be simple, so that the entire team is able to understand them. If you get too complicated, you risk not being able to extract any useful information from your analysis. And if the employees do not understand the indicator can be unmotivated, which harms the whole performance of the company.

Be realistic and objective

We all want to be the greatest entrepreneurs in the world, but there are obstacles that go with that and we have to have that awareness. When you set business goals too high, the risk of falling is much greater. And as the goals are harder to reach, you will be frustrated to realize that you cannot achieve them. You must set realistic goals that are appropriate to the reality of your business. If you do not have a great investment capacity at the moment, you will not be able to define as a business goal to increase the team by 10 employees. Business goals must be established according to the reality of the company at the moment, since only then will it be able to achieve them.

Set rigid deadlines

When there is no deadline for accomplishing a particular task or goal, it is more likely that it will drag on in time and eventually be forgotten. It is essential that you set a deadline to achieve a particular business goal, because only then will you be able to define a timeline and assign necessary actions over time. The stated deadline should be like the business objective: specific and realistic. It should not set too short or too long a deadline, as both cases may cause demotivation on the part of those responsible for achieving the objective.

Do a regular review of business goals

Business goals should be reviewed regularly and should be adapted as the changes are verified in the company. Long-term business goals should be monitored so that you can verify that all the actions required to comply are being carried out. Business goals are not static and it is not mandatory that they remain unchanged. Whenever necessary, you should change and update them, and in more extreme cases, you can even eliminate them if you find that they no longer fit the way the company works. A goal that yesterday was quite important, today may have lost some of its importance. Companies are living and dynamic organisms and as such changes must be monitored in all areas of the company. Evaluate at least every three months whether the indicators that have “assets” are the most appropriate given the period the company is going through. However, care must be taken not to make the mistake of changing or eliminating business goals just because it is difficult to achieve them.

 

Dicas de Gestão

What dashboards cannot miss in your company?

A dashboard is a dashboard that visually displays the most important information about the business. In case of using a tool like Multipeers, the information is updated permanently and automatically, so that you have at your disposal the most current information on everything that happens in the company. By using a dashboard, you can easily see if your business goals are being met. Linking KPIs with day-to-day activities is essential if individual and global goals are achieved more simply. In today’s article, we leave you 5 dashboards that you cannot miss in your company!

Executive Dashboard

An executive dashboard groups essential information for decision making. It is a panel that uses graphical features to simplify the general understanding of information. It is a very useful dashboard to analyze the KPIs and all the processes of a company. The standard executive dashboard is based on management methodologies such as the Balance Scorecard. The objective of this panel is to provide all executives with access to important data for the correct evaluation of new opportunities and improvement points.

Operational Dashboard

This dashboard is used by the work teams and focuses on the processes that each team needs to perform its functions. The data contained in this dashboard are intended to identify critical points of the operation, helping to correct them. They also facilitate communication between all members of the same team.

Analytic dashboard

This dashboard provides detailed information and is used to set trends against corporate goals. This panel allows you to see the results of internal actions as well as external public reactions to campaigns. A good example of this type of dashboard is Google Analytics.

Dashboard project management

This panel allows to follow all the management of the project, from planned activities, schedules, among other aspects. It is a very important tool because it decreases the probability of error and increases the effectiveness of communication.

 

Managers are not always able to identify deviations in work routines in a timely manner, which compromises business productivity. The dashboard will aggregate the history of the company’s operations and can set defaults to detect deviations and anomalies in real time. So the system is able to realize that something is not right and to alert you right away so that you can act before it becomes a serious problem!

Definição de métricas de negócio

Best practices for defining KPIs

Having defined KPIs is essential to the good performance of a company. KPIs are key performance indicators that tell us what state the business is in and how far (or near) we are from meeting the stated goals. Based on the company’s indicators and performance, managers can make more informed decisions. However, KPIs are only useful if they are defined correctly. In today’s article, we will address the best practices for defining KPIs.

Define measurable indicators

For an indicator to be well defined, it is necessary to measure it easily, that is, you must always opt for quantitative and non-qualitative indicators. In the case of qualitative indicators, there is a high probability of a subjective evaluation. For example, instead of aiming to improve sales, set an indicator on the conversion rate to sales.

Don’t complicate

KPIs should be simple so that the entire team is able to understand them. If you get too complicated a KPI runs the risk of not being able to extract any useful information from your analysis. And if the employees do not understand the indicator can be unmotivated, which harms the whole performance of the company.

Define indicators appropriate to the business reality

Not all indicators are for all companies. There are indicators that fit one type of business, but that do not make any sense in other areas of activity. Defining indicators only to be defined will create harmful noise to employees’ performance and this will have a negative impact on the company’s final results.

Evaluate KPIs frequently

A KPI should be analyzed frequently because only with constant monitoring is it possible to understand whether we are moving in the right direction or not. You should always opt for indicators that can be measured easily and frequently so that you can make day-to-day decisions based on reliable and up-to-date information.

Make the dynamic indicators

An indicator that yesterday was quite important, today may have lost some of its importance. Companies are living and dynamic organisms and as such changes must be monitored in all areas of the company. Evaluate at least every three months whether the indicators that have “assets” are the most appropriate given the period the company is going through.

Defining performance metrics is essential if you are to succeed in your business. Working without knowing which way the business is going is the first step to failure. It is essential that you be aware that defining indicators is a job that deserves your attention and dedication, because only in this way will you be able to involve the entire work team in pursuit of global business objectives!

Dicas de Gestão

7 Financial Mistakes That Harm Your Business

To err is human and it is very likely that a manager, throughout his career, make some mistakes. However, there are financial mistakes that can be very detrimental to running a business and can even lead a business to failure. In today’s article we address the 7 financial mistakes that hurt your business!

Lack of constant analysis

It is essential these days to continuously analyze your business, because only then can you find problems before they materialize. Managers can no longer survive just with Excel sheets and reports with a few days. It is essential that the business is analyzed at the minute, because only in this way will be able to be always ahead of the competition. Business monitoring software like Multipeers is a growing need in today’s business because it allows you to analyze in a simple way everything that is happening now with your business.

Spend what you (still) don’t have

Hiring a debt with money that has not yet gone into the box is a very common mistake and should be avoided to the fullest. There is no guarantee that the customer will not be late in paying or if an unforeseen event will happen and you will need to invest in something more urgent.

Do not make a balance sheet

As companies grow, various investments are made and the company’s assets are growing over time. However, there is often no concern about knowing what one possesses at a given moment, eventually continuing to invest in disorderly ways. Having knowledge of the balance sheet helps the company whether it needs to continue to invest or whether, on the contrary, it should reduce its investments.

Lack of automation

Performing tasks manually that could be automated is a very common mistake. Using an ERP helps you optimize all processes, reducing costs and increasing productivity by reducing human error. The information of a company must be integrated, so that all the data is updated so that it is easier to make decisions.

Do not have KPIs

The financial area is one of the most relevant in any business and the use of indicators becomes essential. Using business metrics enables you to measure the outcome and verify that the stated goals are being met. Working without indicators is like being lost in a complex labyrinth without a map to guide you.

Mixing personal expenses with company expenses

It is a very common mistake among business owners, who usually use the company account to pay for personal expenses. This mistake is very detrimental to business as it completely changes the fixed costs of the organization and distorts its financial reality.

Focus only on sales

Sales are the ultimate goal of every business, but if you don’t pay attention to the other areas of the business, you may compromise your entire business. Administrative and human resource management are examples of areas that deserve to be treated with care. Good management of all departments of a company will reflect the financial results in the medium and long term.

Dicas de Gestão

5 Essential Tips to Make Your Business More Productive

New Year New Life! If in 2018 you want to make your company more productive, you should continue reading this article. Over the years, the way we work has changed a lot, especially due to technology. However, more and more we are “bombarded” with constant requests, which continually interrupt our work pace and diminish our productivity. In today’s article, we leave you 5 essential tips to make your business more productive in the new year!

Centralize information

One of the main problems of companies and especially of decision makers is to have the information spread through various software. This takes a long time to find the necessary data, which delays the operational decisions and undermines the good functioning of the companies. Softwares such as Multipeers allow you to centralize in a single platform all the information coming from the various systems of the company, showing it in a graphically clean and interactive way, which contributes to better decisions, since all the information can be consulted in real time.

Delegate tasks

It is not always easy for managers to be able to delegate important tasks to their team, but without realizing this is one of the main productivity problems. No one is a super hero to be able to carry the company on the back, so knowing trust in the team is fundamental to being able to dedicate to tasks that really cannot be done by anyone else. Surrounding yourself with qualified and responsible professionals will help you to know how to delegate some tasks.

Defining Daily Goals

We all have monthly and annual goals to fulfill, but if we think very generically we will not be able to perform daily the tasks that will contribute to this achievement of objectives. It is essential to set daily goals to make your business more productive. You should be realistic in setting goals for your day, otherwise you will not be able to accomplish all the tasks and this will lead you to a feeling of frustration.

Establish times to consult the email

The constant arrival of emails distracts us from the task we are currently undertaking. You should turn off incoming e-mail notifications on your Desktop and establish (and meet) e-mail query and response times. In this way, your day-to-day life will be much more organized and you will achieve higher levels of productivity.

Gather only if it is essential

Most companies live in a culture of meetings. Each and every subject is discussed around a meeting table and hardly the schedule and established plan are actually fulfilled. It has been proven that most of the issues discussed at business meetings could easily be solved by sending an email or a phone call. Therefore, you should meet only if the matter is delicate and require the input of various elements of your team. Otherwise, you can opt for quick and standing conversations so that employees realize that it will be a quick “meeting” and really focus on the matter to be resolved.