November 16, 2018.
In this Series of Ten Tips leading up to the Launch of our Digital Mastermind Program on January 16, you’ll get Coaching, Advice and Practical Recommendations on what You Can do to Improve Your Business Results Starting Today.
Tip number 3: “Set detailed Goals and Objectives for the Business, Your Staff and Yourself. Regularly Measure and Evaluate your performance against these and take swift action to correct when necessary.”
Many Business Owners, CEOs and Leadership Teams have ambitious Goals for their business. for example, “We’re going to be the number 1 provider of Innovative digital Marketing Solutions in our Market.” A few may succeed with this very general approach but from experience, most do not.
Here’s an approach that is much more likely to deliver success and excellent results:
1. If you haven’t adopted Key Performance Indicators (KPIs) for your business (I recommend 5 -10 for Owners /CEOs of Digital Agencies) Select and Start Measuring them. Some of those which have the greatest impact are:
• Total revenues and revenue growth
• Net profit (dollars and %)
• Working capital and cash flow
• Monthly Retention Rate (MRR) compared to MRR Expansion Rate
• Customer Lifetime Value (CLV).
Do the same for all areas of your business, direct reports and key staff and hold regular meetings to evaluate performance and agree on action to be taken. There are 75 wp themes KPIs highly relevant to Digital Agency management and operations, but here are the other 6 categories that require close attention.
2. MANAGEMENT EFFECTIVENESS AND FINANCIAL PERFORMANCE
3. MARKETING AND SALES
4. CUSTOMER SATISFACTION AND FULFILLMENT
6. EMPLOYEE ENGAGEMENT AND LOYALTY
7. DIGITAL AGENCY SPECIFIC
The basic premise of TIP 3 is that by setting specific, measurable goals, translating these into Key Performance indicators and taking action, your firm will be much better positioned to win than your competition.
During the Mastermind Group Program, we’ll be exploring and exchanging ideas on winning strategies, KPIs That Count and overcoming obstacles. We invite you to join us in this quest to achieve excellence in your business.
As one of the World’s great entrepreneurs put it:
“Success seems to be connected with action. Successful people keep moving. They make mistakes but they don’t quit.” – Conrad Hilton
US Businesses: Get full program details for the Digital Agency Mastermind Program here or to guarantee your Space and Substantial savings Register Now
Canadian and International Businesses: Click here
President and Founder
Professional Business Coach
BizGrowth Coaching Inc.
Phil was Google’s Business Coach for the Partner Academy Program for Canada and the US from April 2015, until its conclusion this Summer. He has coached 65 Digital Agencies and continues to work with Owners and CEOs today.