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Playing the number game can be tempting when you are in the driver seat of an up and coming startup. You want to put everything on a bar graph or an Excel sheet. Company’s expectations? Put that in the employee handbook! Employee productivity? Make a spreadsheet and assign numbers to each metric! But the tricky question is, are you doing all this data filling and crunching the right way? Is there a certain standard or criteria against which you are measuring each point of performance of your company? That is where performance measures come into play.
Everyone knows how important it is to measure performance, be it monthly, quarterly, or annually. It is vital for fostering business improvement. Performance measures give clarity to a business as to where it stands in the market. Most organizations use them to identify their strengths and weaknesses, high-class performers, and other essential aspects.
Whether you own a small firm or a large organization, assessing the performance accurately is a must! And this can be done with the help of performance measures that focus on how effectively a company achieves key business targets. There are various performance measures for every department that companies should know to enhance their productivity. Let’s check them out based on the facets they fall under!
The Human Facet
Human resources or HR is the most vital department that takes care of the end-to-end functions in an organization. They need to carry out the right actions that are in favor of the organization. Given below are the 3 quintessential performance metrics in human resources.
- Employee Satisfaction Level
The first step towards a growing organization is to check employee satisfaction levels and that comes with a positive work environment. Being an HR professional, you can take the feedback from employees and note the problems that make the office culture inefficient.
- Recruitment Costs
It is another performance measure that companies should consider when assigning a new employee. In other words, it demonstrates the total investment that a company makes to obtain necessary resources. For example - job advertising, subscription to employment portals, etc.
- Employee Turnover
Employee turnover is the number of workers who leave the company during the specified period and are replaced by new employees. The HR department tracks the turnover rate and takes effective measures to retain talented employees.
The Sales Facet
For every salesperson, it is mandatory to assess the sales activities, identify competition, optimize the sales BI process, and enhance sales effectively. But how to keep a track of all that? Here we showcase sales measures with which you can develop your sales plan conveniently.
- Sales Target
The sales target performance measure allows you to track your sales or revenues as you have planned them. It helps you outperform your competitors and, of course, your forecasted revenue with ease.
- Customer Acquisition Cost
The customer acquisition cost or CAC is the total amount incurred in signing up a new user or a customer. Precisely, it is the cost of winning customers to purchase a specific product. With this, you can convince users to buy a product.
- Upselling Tactics
This is the metric that helps organizations in enhancing their revenue in the long-run. With this, you can encourage your loyal customers to buy the premium package for acquiring better products. The upsell strategy, if implemented well, can aid in landing more customers.
The Financial Facet
Keeping a tab on financial performance is quite important. This is why we have financial performance measures that not only increase your business value but also help implement the changes in the under-performing areas. Tracking the cash flow management is a must in this metric.
- Return on Investment (ROI)
It is one of the most important financial measures that professionals use to track their organization’s profitability. ROI reveals how much profit a company generates with the cash and from other avenues of investment.
- Free Cash Flow (FCF)
FCF is the total amount of cash that a company has left over after it has paid all the expenses, capital expenditures, including some other investments. It is the best measure to know whether you are making a good investment or a bad one.
- Current Ratio
It is a liquidity ratio that measures whether a company has sufficient resources to meet its short-term obligations or not. Professionals can use this financial metric to compare their current assets to current liabilities.
The Marketing Facet
Organizations need to use performance measures in marketing and check whether they are spending their budget on the right areas or not. This can also apply in digital business to check the number of visitors on the website. The performance measures are as follows:
- Monthly Website Traffic
It is one of the most important marketing performance measures where you can keep track of monthly visitors landing on your website. With this, you can analyze whether your web traffic is increasing or shifting downwards.
- Conversion Rate
Conversion rate is the percentage of visitors that come to the website to increase its online presence. It is calculated when the single user stays on the website for the desired time and hence, improves the marketing structure.
- Customer Lifetime Value
Customer lifetime value is important as it enhances your business’s profitability and lands more customers. Precisely, it is a metric that shows how much money a customer will bring to your business throughout by paying for your qualitative services.
Now that you know about various performance measures, we introduce you to our top 10 templates that help you implement these metrics.
Customer satisfaction plays a vital role in an organization. With this template, you can assess the steps you have taken to upgrade your customer service. The deck comprises a total of 29 slides that portray the topic in terms of customer feedback, key metrics, customer satisfaction graph, key performance indicators, etc. The template consists of high-quality icons that make the subject visually appealing.
Related: Check out our top templates for customer service here.
Use this template to showcase your marketing performance report in front of your bosses in an organized way. With this, you can easily monitor your marketing operations and productivity. The image in the template is editable, which means you can place your content in it and personalize it the way you want. Use the advanced features of this template to make your content attractive.
Until the project is completed, monitoring its operational activities is crucial. You can do this with the help of our template. It provides information that illustrates how project evaluation is done. You can read the content of this deck thoroughly and ensure your project's success. The deck contains 15 slides, each including valuable content. The template covers the topics that define the importance of operational performance metrics.
Organizations need to maintain a definite pattern for measuring business performance, employee productivity, and day-to-day tasks. It will help them improve their stability in the market. Jot down the numerous benefits of using performance measures in this template. With the slide given below, you can list the factors that enhance your decision-making process and business values.
In organizations, employee contribution to projects or various activities is essential. If you are the CEO or director of the company, tracking your employee’s performance won’t be a daunting task now. We introduce you to our performance measure template where you can create a report based on their work. The slide includes a table-like image that consists of sections like employee’s attitude, work outcomes, self-improvement, and percentage contribution.
Better performance comes with a full-fledged strategy and tools to monitor it. The other performance measure is a balanced scorecard that upgrades a business's performance for the long-term. The template we offer you has all the relevant information that you need to uplift your company’s performance. It comprises a total of 19 slides, containing a myriad topics that help in measuring the business growth. The template showcases the balanced scorecard framework as well.
Sales target is yet another performance metric that helps you evaluate your revenue. The deck comprises a total of 21 slides that cover topics like sales motivation, sales performance dashboard, monetary benefits, etc. The template includes all the content that helps you gain a competitive edge. You can easily understand the sales target measure and its analysis by utilizing our topic-specific template.
Create an eye-catching performance report of your HR activities with the help of this template. You can grab this deck and personalize it as per your business needs. In this, you can mention the steps that help improve your overall HR functions. Take advantage of our template to gather knowledge on the topics like employee turnover rate formula, cost of employee turnover, absenteeism rate formula, employee absence schedule, etc.
Analyzing business performance can make your targets less complicated. With our template, you can build a performance strategy for your upcoming goals and measure it conveniently. The deck covers meaningful information that educates you about evaluating your economic performance and statistics. Entrepreneurs can use this complete deck to draft their business plan and operations in an organized manner.
Measure your business performance and check where it stands in the marketplace using our template. In this, you can obtain knowledge about ROI - one of the most important financial measures. The deck consists of attractive images and high-grade icons that enhance the look of your subject. You can customize the template and personalize it at your convenience. By utilizing the template, you can share the valuable information of ROI with your employees.
Time To Gauge What Gives…
Standardized evaluation and assessment measures will always be the hallmarks of an organization looking to scale with the right goals in mind. With appropriate performance measures, one can clearly address pain points and plug all lapses. Our templates will definitely help you realize this strategy. So do not wait for the clock to tick. Deploy these templates and make performance assessment a breeze. Let us know your thoughts in the comments below.