How to set KPI’s for your company and individuals within

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In today’s business world, it is more important than ever to set key performance indicators (KPIs) for your firm and team. Why? Because KPIs are metrics that tell you if what you’re doing is working or not! At Glow Accounts, we can help you to monitor this, but to start here is how to set KPIs for your company and individuals within.

1. Decide on your KPI's (refer to your business plan)

Your KPIs need to be relevant to where you want to take your company, so go back to your business plan. What are you trying to achieve? What are the key figures you need to know?

When you’ve decided on what needs to be measured and monitored, you then need to communicate this to each individual.

5 things you didn't know an accountant could do

2. Agree on these with each individual

When deciding on your KPIs, you should have identified a set of figures for everyone. Communicate this with them and agree upon these with them. Explain how they will support the firm by achieving these KPIs.

3. Revisit and reset targets every 3 months

The small business world moves at lightning speed. Any targets you set now will likely be out of date within 6 months. To keep on top of change, sit down with your team every 3 months and revisit their KPIs and targets.

  • Give them feedback on what they are doing well. (Any negative feedback should have been given to them at the time).
  • Talk to them about how the firm is performing and their part in influencing your firm’s performance.
  • Listen to what motivates them and how they are viewing their work but also the amount of work they are required to do.
  • Seek out their views on what is working or not working within the company.
  • Help them decide on what is a meaningful and motivational target for them to achieve.
  • Discuss what they can influence.

Start getting results from your numbers

How often are you setting and monitoring KPIs in your firm? When was the last time you spoke about KPIs with your team?

If the answers are ‘not enough’ or ‘a while ago,’ you need to start being serious about tracking and monitoring performance. The good news is, that you now know how to set KPIs, but if you want further advice or information or help to analyse the data relating to KPIs, Glow Accounts are here for you!

Illuminate your way with Glow Accounts

At Glow Accounts, we understand that success in business is not one-size-fits-all. That’s why we are dedicated to lighting up your path with bespoke financial solutions tailored to your unique needs. Here’s how we can help your business thrive in Crowborough and beyond:

Tailored Financial Strategies

Every business has its vision. At Glow Accounts, we create customised financial strategies that align with your specific goals and aspirations, ensuring you’re on the fastest route to success and realising your vision.

Expert Guidance

Navigate the complexities of tax optimisation, budgeting, and financial planning. Our expert team provides the advice and support you need to make informed decisions, propelling your business forward.

Growth Acceleration

Ready to take your business to new heights? We have the tools and expertise to help you capitalize on growth opportunities, optimize cash flow, and eliminate obstacles in your path. With Glow Accounts, the sky’s the limit!

Hassle-Free Accounting

Bid farewell to the stress of bookkeeping and financial management. Our efficient, reliable accounting solutions streamline your processes, freeing up your time to focus on what you do best—growing your business.

Contact Glow Accounts Today!

Don’t wait to start your journey to greater business success. Contact Glow Accounts today to discover how we can illuminate your path to greatness. Let’s achieve brilliance together!

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