Why KPI's Are Key!
Now that we’re in 2023, I’m feeling quite a bit reflective about the journey my business took in 2022. My team and I did a lot of great things in 2022, and I think for many of us, if you consider yourself to be a perfectionist or type A or if you struggle with perfectionism, acknowledging all of the beautiful work that you do can be difficult. For people like us, it can be really easy to just keep going, so I want to reflect and share some things that I think will be helpful to all education consultants (old and new) in these next few blogs.
So at the start of every quarter, my team and I do a Quarterly Stepback. This is the intentional time that we take to review our data from the previous quarter. Now, y’all know I love data and the way we collect and organize our data is through KPIs.
KPI stands for Key Performance Indicator, and so as a teacher or principal, one of your KPIs was likely something around student achievement. The best teachers had a KPI that was an exit ticket where you ain't waiting until the test, assessment, or exam at the end of the quarter or semester, you’re tracking data daily. The best teachers had a daily KPI and that is something that translates directly to your business as well.
Now I know what you’re thinking: “I’ll track my revenue and expenses. That’s enough right?” Wrong! There are plenty of other things in your business that you should be tracking so that you have a holistic picture of what's going on. Here are a few KPIs that my team and I track and review quarterly:
Social Media KPI’s
Email List Subscribers
Instagram Followers
Facebook Group Members
Program KPI’s
Program Enrollments
Program Applications
Program Revenue (Weekly, Monthly, Quarterly, and Annually)
Consulting KPI’s
New Leads
Revenue from Consulting Contracts
Campaign KPI’s
Page Views
Page Clicks
Number of Registrants
These are just a few of the KPIs that my team and I track. Each department on my team has different KPIs and goals to track and we all review them during our quarterly stepback so we can determine:
Where we are as a business
What we should keep doing
What we should stop doing
With the KPIs gathered, our team has a really fruitful discussion about the things we were able to accomplish in the previous quarter based on our KPIs. So many of these KPIs are interconnected, which is why it’s vital for us as a team to review them together. More often than not, our social media KPIs impact our Program KPIs. After all, more people following our social media means more people that hear about our message and program. KPIs can also tell me and my team if a certain campaign or communication style we are using for a specific period of time is actually working. Numbers do not lie!
All this said, you don’t have to have a million and one KPI to track. The best thing you can do for your business is to get into the habit of tracking at least three basic KPIs daily/weekly. If you do this for a year, you’ll be surprised by all the juicy data you’ll collect over time. And with that data, you’ll be able to see where you need to move differently in your business, and where you can charge full steam ahead!
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