Top 7 Ideas To Help You Identify Your Critical Success Indicators
By Christopher M. Knight
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A 'Critical Success Indicator' is something that, when measured, gives you a good idea as to where your business is at in that moment of measurement, performance wise.
- Did you ever do research, to see what causes referrals to increase or decrease? Most don't focus on this, but this could be your next critical referral success indicator once you find it, and lead to more referrals and more sales!
- The obvious critical success indicators: Sales, Profits, Margins, sales, profits and margins by category.
- How many months or years do you sustain your employees before they turn? Chances are high, that profits increase, when turnover decreases. Find out what causes turnover, but remember, that some turnover is good.
- Do some research, on customer service issues. When 'this' happens, then customers want a refund. Find out what 'this' is. You will usually find trends, which can be easily fixed.
- How do you measure customer satisfaction? How do you know they are really satisfied? How satisfied are they? Do you know?
- How many praise letters or testimonials have you received this month, compared to last year this month? Do you track this? Are they increasing or decreasing?
- How many prospects become customers? How many do you have to impact to get 1 client? What specifically can you do to increase your sales closing ratio? What is your sales closing ratio?
Remember: "What gets measured, gets managed."
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Article Submitted On: May 11, 1998