Identifying Metrics, Crafting Tactical Actions, and Focusing on What Matters – A Success Story That Proves It Works!
Business transformation doesn’t happen overnight. It requires a well-thought-out plan, clear goals, and precise measurement. But when done right, the result is a highly profitable, thriving enterprise.
One of our clients recently experienced this transformation, and I’m excited to share this success story. This is proof that the approach works.
Step 1: Identifying the Right Metrics to Measure
We began by focusing on the client’s Operating Model. This means identifying the vital parts that move from one function to another and then measuring them.
Take, for example, the metric between Marketing and Sales. For our client, this was the Sales Qualified Leads (SQLs).
Over time, there’s a lagging indicator that you can work out. We evaluated how many SQLs were generated in the past to hit a certain revenue level. This became our lagging indicator, allowing us to predict the number of SQLs needed for future revenue goals.
Our client aimed to bill $25 million next year. We mapped out the indicators for each function, like a specific number of signed orders for Sales or invoices sent for Operations. We broke down these numbers annually, quarterly, monthly, weekly, and even daily.
Suddenly, Marketing knew they needed 70 SQLs per month instead of 25. This was the first step toward building a tangible business model, projecting how the revenue would break down, including new, recurring revenue, and expected churn.
Step 2 – What Tactical Actions did the client need to take? The Power of OKRs
Taking the Marketing example again, what tactical actions were needed in the next 90 days to grow the number of SQLs to 70 per month?
We did this for every Function within the business. We then prioritised them.
My clients Tactical actions or OKRs (Objectives and Key Results) stemmed from here.
We left with a focused list of action items, a clear path to genuinely improve the business operations. We reviewed these weekly & worked on the plan to turn each OKR from red to amber, or amber to green?
The Executive team finally had a grasp of the rules of the game they were playing. Everyone understood, and everyone knew the score.
Focusing on What Matters
Once we agreed on the KPIs & OKRS within the Executive team, we shared it broadly. We took it to monthly town hall meetings, and we were clear with everyone about what was broken and how we were going to fix it.
Before, staff might have felt disconnected. Now, we showed that we understood their views. We outlined the changes that would happen in the next 90 days to fix the issues.
When our client did this, they received immensely positive feedback. The transparency was refreshing and well-received. Suddenly, management had a firm grip on the business, focusing on the things that mattered.
A Transformation Worth Celebrating
Our client’s journey was not an easy one. It required hard work, focus, and dedication. But the results were nothing short of phenomenal.
This story is more than just a tale of success. It’s proof of what can be achieved when you apply the principles of KPIs and OKRs to your business. It’s evidence that the system works.
The transformation brought about a new level of trust within the team. It led to more efficiency, clarity, and, most importantly, revenue growth. The client’s business now thrives with a clear direction and confidence in its future.
Are You Ready to Make a Change?
The path to transformation is within reach. If you’re ready to elevate your business, let’s work together to create a successful roadmap using KPIs and OKRs.
Do you want a Template for KPI & OKR Tracking? Reply “KPI & OKR TRACKING TEMPLATE” and we will send it to you.
P.S. Ready to elevate your business? Here are 4 ways I can assist:
- Download my free book, “CEO Business Growth Secrets”, for strategies on scaling your business. — Click Here
- Gauge your business growth potential with our free 18-question assessment, providing personalised advice for improvement. It’s quick and free. — Click Here
- Listen to “Business.Focus”, our podcast featuring success stories from business leaders. Click Here.
- Schedule a complimentary strategy session or engage in private coaching with me to address specific challenges. — Click Here
Your business transformation journey starts today!