Creating KPI’s as an Entrepreneur

July 21, 2020

w/ Tatiana O’Hara

Do you talk about KPI’s in your coaching sessions? 

  • Yes! It’s a big part of my VIP sessions and 1:1. Once we decide who you want to hire we create that plan on how you want to grow your team and make it scaleable. We then figure out how you can get your team to a point they can function without you while also being high performing.

What can you do with KPIs? Why are they important? 

  • When you hire a team, it’s easy to add our own personal bias when evaluating their performance. Instead of “I think” and “I feel”, KPIs give you the ‘black and whites’ in your business and there’s no room for negotiation.
  • KPIs eliminate bias and track the healthiness of your business from a revenue perspective while also making It easy to celebrate with your team. When you can easily see that your revenue has grown by 30% then that’s a great way to celebrate your team!

How to create a KPI for your business? 

  1. Create 1-2 KPIs to each role (i.e. Social Media Manger is track specifically on engagement growth & follower count)
  2. Create 1-2 KPIs for entire team 
  3. Create a way to rank your team’s performance on a scale 

What are some other examples of KPI we could be using to grow our team? 

  1. In the example of the SMM, think “in order for them to be perfect, what kind of things would I need to look at?” 
  2. For your whole team: These KPIs are going to be more behavioral, “how are they communicating? Are they supportive?”
  3. Create a scale from 1-5 or unsatisfactory to satisfactory depending on the type of KPI

Can you use this framework for yourself before using it for other people? 

Yes! Tracking them will help find your area of weakness so you can strategically hire in the areas you realize you’re not making the strides you should be.

Tracking them will help find your area of weakness 

How do you track KPI? 

I find spreadsheets to work just fine. Be sure to make it the responsibility of the person on the team to track those KPIs. 

Article mentioned: Best KPI Dashboard Software Tools Reviewed

How often should you be checking-in with those KPIs? 

  • It’s really up to you! Whatever that KPI is will determine the frequency. And no matter if the result is good or bad, always take ownership. Yes, it is the team members’ responsibility but you’re the leader so you want to meet them in the middle and by asking how you can support them in the best way possible.
  • The beauty of KPI is that it keeps you connected to your team at a very foundational level and rooted in the result and not the opinion. 

What are some recommendations for KPIs to use for launches?

  1. Funnels. The beauty of funnels is that you’re easily able to see where people are no longer converting
  2. Discovery call conversions
  3. Ad performance
  4. Revenue from each stream from a percentage standpoint (either where it’s coming from or how it’s growing)

For your CEO role, what does a typical day look like for you?

  • I just changed up my schedule so now I have two CEO days and Fridays are for my finances. On a typical Friday, I open up Dubsado and take a look at my revenue or any open invoices to see if there’s any I need to follow up on. Then I go to my spreadsheet and see if I’m needing to change anything about my messaging. By doing this I already know exactly what my audience is needing from me in terms of resources or messaging.

What are some things that we didn’t cover? 

  • To those who haven’t hired a team or your team is just one person, lay the foundation for how you can get ready for growth. Begin documenting the different processes in your business so the path is already laid out for them. 

Anything else that would be helpful for us to know? 

  • Treat your small business like the company you want them to be NOW.

___________

Now if you’ve read the title already wondering, “what are KPIs? I thought those were only used in companies”, then you’ll definitely want to listen to today’s episode with Tatiana O’Hara. Whether you have a team or you plan on having one soon we uncover small ways you can start using and tracking KPIs to make it easier to track and celebrate those milestones. Tatiana is a Business Operations Consultant who helps online business owners embody the CEO they were made to be, create structure in their daily operations, in order to scale their businesses at exponential rates.

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Books Mentioned:

Atomic Habits

Links Mentioned:

Instagram: @_tatianaohare

Best KPI Dashboard Software Tools Reviewed

Download Tatiana’s Task Matrix

VIP Day w/ Tatiana

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