| Financial Rewards | | | | able to enter the KPI calculation formula for your all |
| Coming from a sales background as I do it is almost | | | | levels of your business down to the individual staff |
| unthinkable to me not to financially reward high | | | | member. Every week thereafter, your business |
| production. Most people do not come from a sales | | | | software should produce a graph for each KPI. |
| background. In most activities, financially rewarding | | | | Imagine how much more productive each staff |
| production is a foreign concept. In areas where | | | | member would be if they had their own statistic that |
| performance is easily measured, like number of | | | | measured their production and it was graphed each |
| widgets sold, company share price, net profit etc. it is | | | | week for all to see. |
| very easy to reward production. In others, it is more | | | | Key performance indicators for individual staff |
| difficult but with some thought and effort it is doable. | | | | members raise their accountability and responsibility. |
| | | | This enables them to focus on those actions that will |
| Most organisations use an accounting package. Some | | | | raise their own production and therefore morale. They |
| also use a contact manager. Bigger businesses often | | | | highlight the results achieved by your top performers |
| use a CRM (Client Relationship Management) program. | | | | and set those as examples for others to follow. It also |
| Manufacturers and farmers will use dedicated | | | | enables you to accurately identify and reward |
| manufacturing or farming software. Each of these will | | | | production. |
| have an element of performance measurement but it | | | | The organization wide use of key performance |
| is usually restricted to their area of specialty. Their | | | | indicators shines a bright spotlight on those who need |
| orientation and focus is usually on solving one aspect | | | | more training to do their job or who are resting on their |
| of the data management problem, at which they do a | | | | oars while the rest of the team struggle to carry their |
| good job. | | | | weight. There is a chalk and cheese difference |
| Larger organisations will sometimes have dedicated | | | | between organisations that use staff KPIs and those |
| BPM software. In it you can enter statistic names and | | | | that don't. |
| formula. Business performance measurement | | | | In summary, once every staff member gets into the |
| software enables the personnel of an organization to | | | | habit of drawing a line in the sand at the end of each |
| quickly and easily gather and collate the data then | | | | week and reviewing their KPIs, you will find that your |
| present it in a fashion that highlights relative | | | | business takes on a totally different complexion. |
| importances. This is a considerable advance over | | | | Seeing a graph each week of each KPI will yield a |
| basic business software that does merely the | | | | huge increase in each staff member's certainty of |
| accounting functions. | | | | where they need to put effort for the growth and |
| Business performance management software goes | | | | expansion of your business. |
| beyond historical record keeping, tax preparation and | | | | Real Time Data Analysis and Business Intelligence |
| call reminders. It is all about providing ALL the relevant | | | | I made reference earlier in this article to the desirability |
| data on how your business is tracking so you can | | | | of measuring progress daily for an individual and even |
| better manage your business. It is also about giving you | | | | hourly in some cases. Today there are software tools |
| the data in the best format to help you make better | | | | that can display real-time changes in KPIs as the data |
| managerial decisions. By the right format, I mean that | | | | is acquired. This takes the ability of management to |
| you can see trends better in a graphical presentation. | | | | respond to changes to a completely new level. |
| A key benefit of good business performance | | | | Imagine being able to launch two new TV ads and |
| management software is the ability to see a weekly | | | | see, in real time, the responses of those ads. If one |
| line graph for each key performance indicator. | | | | was out-performing the other you could pull the poor |
| Do you get more than the basic reporting from your | | | | performer and gain an immediate boost to your |
| business software? If not, it is not doing enough for | | | | revenue. |
| you. When you set up your program, you should be | | | | |