Eight Often-Overlooked Business Metrics That Execs Need To Be Watching by Forbes – Entrepreneurs

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Maintaining solid financials and watching key performance indicators may be Business 101, but that’s not all that’s required to keep a business running as smoothly and efficiently as possible. There are many not-so-obvious metrics that entrepreneurs and executives need to organize and monitor to keep the business on track.

To help you decide where you should focus your energy, we asked members of Young Entrepreneur Council to identify often-overlooked areas of a business to stay on top of, as well as why they’re so crucial to success.

Members of Young Entrepreneur Council share overlooked areas of business more execs should be staying on top of.

All photos courtesy of YEC members.

1. Customer Satisfaction And Loyalty Score

Being able to track your customer satisfaction in a quantifiable way takes the mystery out of keeping your customers happy. Companies use surveys to help them quantify this metric. Some popular surveys include Customer Satisfaction (CSAT) and Net Promoter Score (NPS). They each track different elements that help give you a better picture. The CSAT score measures your customer’s satisfaction with your company by asking them how satisfied they are and having them select from a range running from “Very unsatisfied” to “Very satisfied.” The Net Promoter Score, on the other hand, measures customer loyalty and asks customers how likely they are to refer your company to a friend. – Syed Balkhi, WPBeginner

2. Productivity And Hiring

Despite how analytical we are about much of our business, we often found ourselves expanding our team based on gut feel, saying things such as, “Joe seems really swamped with customer service; it is probably time to bring someone new on.” Now we track productivity across our business, with metrics like person-hours to fulfill an order and daily interactions per customer service team member. Tracking these helps us identify ways to improve productivity, helps us know when to reward employees for exceptional output and, most importantly, helps us know when and how to bring on new team members. – Saloni Doshi, Eco Enclose, LLC

3. Basic Processes And Business Documentation

I see many entrepreneurs who lack basic processes and business documentation. They may focus too much on individual employee training, but then as the employee evolves in their role they do not update the job description for the employee, nor do they work with the employee to make sure that new processes are properly documented. The problem you end up with is knowledge workers who can in some ways blackmail you if they want to, because they may hold bits of knowledge and critical business information in their heads that no one else has. This may prevent you from scaling or firing them or even hiring new employees, as the lack of documentation created this gap of knowledge. – Cody McLain, SupportNinja

4. Employee Satisfaction

We recently implemented “stay interviews,” an initiative spearheaded by our incredible head of talent, Jill Veglahn. Stay interviews are detailed interviews done with every employee that get to the reasons why employees stay at your company. Our stay interviews even include the frank question, “When was the last time you thought of leaving our company?” So often, companies get obsessed with making money and hitting financial goals, but if you have a company that has a revolving door of your No. 1 asset—people—then you’re not going to get anywhere fast. Data from these stay interviews can be further organized so you can see trends, leading reasons and other insights into why employees are attracted to your company—or not. – Beck Bamberger, BAM Communications

5. Digital Presence

Just about every entrepreneur understands that their company has a digital presence and that people—prospective employees, employees, prospective clients, clients, partners, investors, vendors, etc.—are making decisions based on it. Yet many of the same entrepreneurs never bother to consider the message their digital presence is sending. Some never even bother to look at their company’s digital presence, let alone evaluate the messages being sent or how their company’s presence stacks up against their competition. As an entrepreneur, you can’t let the cloud of the World Wide Web obscure the vision you’ve cast for your company. Conduct a thorough review of your company’s digital presence. Do this often. Evaluate the messages you’re sending and benchmark against your competitors. – Ben Landers, Blue Corona

6. Data Security

Nothing will turn customers and consumers away faster than having their data breached and leaked to hackers. If you work in a business-to-consumer organization, do the research and spend and invest in the best security for your customers. While it might not seem like a pressing matter at the start, setting best practice and winning the trust of your customers is huge. All it takes is one hacker to ruin months or years of trust you have earned with your customers! – Kim Kaupe, The Superfan Company

7. Infrastructure Spend

Every company is a technology company. Startups are built on servers, network infrastructure and the Web. Software-as-a-service (SaaS) businesses are infrastructure-bound, but so are manufacturing businesses and others that don’t sell digital products. Sales, marketing, logistics, management and human resources are inextricably tied to IT infrastructure. Connectivity and digitization are force-multipliers, but infrastructure costs can become a problem for businesses if they are not monitored and managed. Businesses have failed under the pressure of runaway spending on infrastructure that outgrows revenue. Tracking and managing infrastructure spending is of strategic importance. – Justin Blanchard, ServerMania Inc.

8. Subscription Fees

Subscriptions are the silent killer. We have subscriptions for all sorts of technologies and vendors, but we don’t always remember that we have them. Worse yet, we don’t use them but still pay for them. Make an effort every quarter to go over all of your subscriptions and weed out the ones that are no longer useful to you. – Dan Foley, Tailored Ink

April 15, 2019 at 08:59AM
Forbes – Entrepreneurs