Do you use a clear set of KPIs to monitor your business goals? Why on earth not? How do you know if you’re staying on track, hitting targets, and achieving your goals? How do you measure success? Establishing clear KPIs is essential in any dynamic project environment, helping you to understand the performance of your business in relation to the big strategic picture.
KPIs in a nutshell
Key performance indicators differ from business to business and from sector to sector. Within the professional services industry, the following set of business drivers will provide you with the relevant insight you need to stay in complete control:
- Project backlog: gain full visibility of planned and expected work plotted against available capacity.
- Billable utilization: achieve high levels of billable time per consultant.
- Days Sales Outstanding (DSO): quickly convert billable work into cash.
- Revenue leakage: prevent revenue leakage due to billing errors or inaccurate time and expense registration processes.
- Project margins: identify profitable and non-profitable projects.
Knowledge is power
Establishing and communicating a clear vision of your goals and strategy is only the first step in building a better business. Next on the list is your ability to keep a constant eye them. Only then will you gain the insight to know exactly where you stand at any given time. And knowledge, as they say, is power.
This way for more insight
More insight means more control to direct your business more closely. You’ll know what you’re getting right. And more importantly what (if anything) is going wrong, so you can take the appropriate action in good time. If you like the sound of that, download our white paper to discover how you can gain the insight you need, to realize the goals you’ve set.