There are two important questions I always ask myself when setting measurables in my business:
- What are your Key Performance Indicators (KPIs) / measurables within your business? and;
- How well does the team actually know where the business is going?
- How do they know that the business is improving?
- How do they know what is working and what is not working?
- How can we all work together as a high-performance team?
Keep Track of your Key Performance Indicators
Every Tuesday morning, we get all clients together and we have what is called a Tribal Council Meeting. That Tribal Council Meeting is a weekly check-in on their accountability to ensure that they are on track with their KPIs and their projects. This is also to ensure that they are moving in the right direction.
When we get together in our intensives every quarter, they can actually present and say, “You know what? This is what we achieved, this is what’s still outstanding.” And stand-up and be proud of their achievements.
I shared with them about the power of sharing their measurables and their KPIs within the team. We had just come back from a two-day program a couple of weeks ago and we started to change what we are measuring within our personal business.
Five Key Measurables
We have five key measurables within our business:
- The number of leads coming through each and every week – each and every month.
- Revenue each month.
- Profitability.
- The number of work days per week. “How many hours, how many days per week am I working on my genius?“
- The number of days off per month. This includes working on the weekend. “How many days off am I working towards what’s the goal and how is that tracking each and every month? What are the days off that I’m having?”
Set Projects Aligned to your KPIs
Now that we’ve identified our key measurables, the next task is to identify what are the projects related to those five key measurables that we should do this quarter.
We’ve got a team of eight at the moment. And when we do our weekly team meeting, we usually start with:
“Okay guys, these are the KPIs that we are measuring each and every week and, each and every month. But yet, these are the projects we are going to be working on to want to move the business forward, but aligning with those KPIs.”
By doing this, we noticed that when we actually share the first KPIs and then align with those projects – magic starts to happen.
Because now, stuff is getting continually taken away from me so I can continually focus on my genius, and share more of this content with everyone. And more importantly, the team is more empowered to really step up and to really take ownership over their projects and over their own tasks, and over their own KPIs.
So the questions I got for you is:
- How often are you sharing your KPIs?
- How often are you checking with the team with your projects?
“Where are we going? These are the measurables and these are the projects aligned.”
Hopefully, you can take this information and implement within your business. Because we all want to build and lead those high-performance teams.
Give me some insights. What are your five key performance indicators that you measure within your business each and every week, and each and every month?