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Business metrics

LouP
  • Member
  • Practice Licence
  • 128 posts
  • # 82178

Hi - have had a practice licence since Oct 2011 and have over the past couple of months picked up several clients and beginning to see some turnover.

I am therefore now considering what metrics I should put in place for my business overall and wondered what others in similar situations are using to monitor the health of their business. 

Other than general profitability and other financial metrics am looking at hours worked/hours available but am sure there must be many more non-financial metrics - thoughts??

Lou 
kjmcculloch
  • 1159 posts
  • # 82201

Three things I tend to measure are:

Hourly rate - mainly because I offer fixed prices I like to make sure that the hourly rate equivelant is right.
Client Satisfaction
Client leads to acquisition

Hope this helps.

Kris 
LouP
  • Member
  • Practice Licence
  • 128 posts
  • # 82391

Thanks Kris - good to know what you're using.  

I am currently working for a number of clients all at different rates and so I think an average hourly rate will be quite useful to see what I'm actually working for, and over time I hope to see that figure increasing.   

How do you measure your client satisfaction??  Fascinated as I used to run a market research department and we did a lot of C.Sat work.

Lou 
kjmcculloch
  • 1159 posts
  • # 82395

Given your experience Lou, I may be teaching my granny to suck eggs here.  My client satisfaction is very simply ensuring I have regular dialogue with all clients.  Making sure they can discuss any problems or issues and that I can quickly address them.

Put simply, I just talk to my clients.

Kris 
LouP
  • Member
  • Practice Licence
  • 128 posts
  • # 82396

kjmccullochsaid:

“Given your experience Lou, I may be teaching my granny to suck eggs here.  My client satisfaction is very simply ensuring I have regular dialogue with all clients.  Making sure they can discuss any problems or issues and that I can quickly address them.

Put simply, I just talk to my clients.

Kris ”
Yup - probably the most effective and least annoying way to get feedback.  :-)
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