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PREDICTIVE MEASUREMENTS CAN CREATE BUSINESS SUCCESS

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Measurements make a difference in the operation of your business. You may have heard the expression, “If you can’t measure it you can’t manage it.” Well, if you want to have a sustainable business you need to have a strategic plan, which includes those goals and objectives, and a way to measure your progress. Without these elements you are relying solely on luck.

What you measure is just as important as having a plan and executing it. For example, many business owners are familiar with the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization), or more simply said profit. That, however, is a measure of what has happened in the past. It may not predict what will happen in the future.

Predictive analytics is the best way to step in and create your business future. It is far better to rely on predictive measurements to make decisions than to rely on measurements of the past which may have no effect on the future.

Let’s start with the measurement of customer loyalty. Customer loyalty is the measurement of how likely customers are to recommend your product or services to others. Customer loyalty has a direct correlation to future sales and profits.

Another forward-looking measurement is networking and lead development. What is the activity and frequency of activity that is required to have one conversion to a sale? It is important for you to measure the rate of activity that you need to get desired sales results. This rate of activity varies by industry, business, and business owner. It is important to track your sales development activities to determine the right level of activity to achieve acceptable results.

It is important to measure the results of your marketing and advertising activity. Business owners can waste substantial amounts of money on unfocused marketing and advertising. Before creating a marketing strategy make sure that there are measurements such as web site visits, converted sales, response to mailing, and the like.

If you have employees make sure you measure the effectiveness of your workforce. This is done through clear description of duties and then holding your employees accountable for achievement of goals. Also, you should measure your staff engagement which is the employee side of your customer loyalty measurement.

Organize all the measurements that matter into one area and create a “dashboard” to monitor overall results.   This serves the same purpose as your car’s dashboard. It is an overview to let you know about any malfunctions. You keep a dashboard to measure your performance against the goals you have set. In addition, you use it to track trends and make necessary adjustments in activities as needed.

 

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This process really works. History has shown that businesses that have written goals, and measure and track those goals will outperform the competition.

Are you ready to take your business to the next level?

Learn how you can create the future for your business.

Contact us to learn more

or call 914-953-4458.

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Guest Saturday, 15 June 2019

Testimonial


“When I started my company I thought that the world would beat a path to my door because of my technical skills.  I figured that once I got in front of someone it would be apparent that I’m a genius and they would hire me right away.  It didn’t work out that way and it didn’t take long to realize that I would need to learn to be a sales person.  I engaged Grant and we worked together for several months and I have to say that he really helped.  Before I worked with Grant I read books and attended seminars that all focused on specific sales techniques – what to do or say during a sales call and during the sales process.  All of them treat the sales call as the end all and be all – get the sale, hand it off, and get out.  This doesn’t help me since once I get a client I need to build the relationship and work with that person on a day-to-day basis.  With Grant’s approach I understand the sales process much better, I’m more goals oriented, I know how to measure my sales activity, and – most importantly – I feel more comfortable in my role as a sales person.  My approach to sales is now more aligned with the way I want to run my business and with my values as a person.

The study materials I received from Grant are very good. They require reading, listening, and writing so the information is reinforced.  Grant does not rely on the study materials, however.  Our weekly meetings were open to whatever I wished to discuss and I feel that Grant’s advice was very insightful.

Even though we haven’t worked together in a few months I still use the study materials and Grant still reaches out to me.” June 30, 2011

Antonio Ciampa, hired Grant as a Business Consultant in 2009, and hired Grant more than once


 

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