March 17, 2022
Topic: How to Automate Your Critical KPIs
Guest: Dan Gordon & Donnie Shelton
In this episode we discuss:
Why key performance indicators (KPIs) are a critical concept, but it's important to ensure you're comparing apples to apples when discussing with other business owners
How access to data is not the issue — insight is the issue
Why it's important to consider which indicators are essential to your company's success
Causation vs. correlation
Leading indicators (measuring actions) vs. lagging indicators (measuring results)
Critical marketing KPIs (lead volume, cost per lead, cost per sale)
The finance KPIs Donnie looks at (monthly cash forecast, daily QuickBooks and bank transactions, daily revenue, profit forecast)
Why it's also important to look at technician production
The importance of accounts receivable (AR)
Tools to manage accounts payable (AP)
Operational KPIs Donnie tracks (gross margin, production, revenue per stop)
Office KPIs Donnie tracks, including time on call
HR KPIs Donnie tracks (bench strength, employee net promoter score, turnover)
How to monitor KPIs (dashboards and sub-dashboards)
Books and resources on KPIs
Resources mentioned:
Book: The Great Game of Business by Jack Stack
Book: Measure What Matters by John Doerr
Book: The Balanced Scorecard: Translating Strategy into Action by Robert Kaplan and David Norton
PCO Bookkeepers article: How to Drive Corporate Performance with a Business Strategy and Scorecards
Book: Traction: Get a Grip on Your Business by Gino Wickman
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