Small business owners have many responsibilities, and one of the most important is identifying and setting growth goals — something you’ll want to do as an Executive Home Care franchise owner, too. Working toward goals is really at the heart of success, and focusing on the big picture while pinpointing objectives are aspects of franchise ownership that our corporate team is here to help you manage and realize. Tracking your growth as our franchisee is critical to staying responsive to our industry, and one of the best ways to do so is by using KPIs.
Not Just Another Acronym
KPI is short for key performance indicator, which measures quantitative or qualitative performance to gauge the success of projects, processes, campaigns, and more. KPIs track performance and progress toward a specific goal over time, helping to keep the most important
objectives of a business at the forefront. Setting and tracking KPIs not only enables you to determine exact numbers but also gives you a clear understanding of how well your franchise is doing and, by extension, what your franchise profit margin is looking like. Because KPIs are so useful and important, it’s vital that you develop a KPI strategy that will yield the results you’re looking for.
Identify Your Business Goals
Creating a smart KPI strategy starts with establishing your goals — and that can be done by being SMART about it. SMART stands for:
- Specific: Well-defined goals will be easier to measure over a finite amount of time. The more specific you are, the easier it is to track progress and determine success.
- Measurable: Goals that are hard to quantify, like brand awareness or customer satisfaction, will be more difficult to measure than hard numbers for things like sales, clicks, inquiries, and more.
- Attainable: You want to reach your goals, not constantly strive for them, so it’s important to focus on those that are actually attainable. You can think bigger down the line if you want.
- Realistic: Yes, you want attainable goals, but they also need to be realistic, and that will depend on circumstances, resources, outside influences, and more. Your home care business won’t operate in a vacuum and may be affected by factors you can’t always control.
- Time-bound: Set deadlines for when you want to hit your marks and be as specific as possible. A deadline for every goal is essential because it not only helps you measure growth but holds anyone responsible for it accountable.
Build Your Strategy
Once you’ve set your goals, your KPI strategy can be built around them, identifying what you want to track and measure to help you reach them. It’s important to narrow down your KPIs because doing so will help you see what’s working and what might need improvement when it comes to your business’s overall success.
Depending on what kind of business you run and what industry you’re in, KPIs and the metrics used to measure them will differ. Common KPIs you might use as an Executive Home Care franchisee might include staff growth, which can be measured by payroll metrics; client growth, which can be measured by revenue; brand awareness, which you can track by visits to your website or social media platforms; and customer service, which you can gauge through client reviews and feedback.
Business growth takes time, patience, and forethought. Using KPIs to identify, track, and measure your growth as a small business owner will allow you to make the most of your resources and stay on course toward success.
To find out more about how we can help you boost your franchise profit margin as an Executive Home Care franchisee, reach out today!