When it comes to keeping track of how well your business is doing, there are a number of factors to take into account. Keeping an eye on these daily metrics is the key to long term growth. Plus, it lets you know what aspects you need to change and improve. These days there is a lot of talk about data, but what numbers really matter?
1. New clients
The number of new clients your company takes on is the main indicator of your overall growth. But it isn’t always a case of “more is better.” While a constant increase to your database is essential, you risk stretching your resources too thin if you go too far too fast. You also need to take into account the type of work a certain client is bringing in, the outcome of the job, and the amount of work or resources you’ll have to put into it.
2. Daily meetings
An important part of seeing your goals realized is putting in the right kind of work. You could spend all day attending meetings and talking to clients but see no output. Making that direct link between the amount of effort you put in and the positive results you get is essential.
That’s why you need to track the number of daily meetings you or other people in your team attend. Then analyze how many of these turn into active jobs or positive change. What are the outcomes of the meetings? How much work are those clients bringing in? Could that time be better utilized on different tasks? Do you need to change the type of clients you approach or how you communicate with them?
3. New jobs
This third factor is a combination of the first two. If you are taking daily meetings and bringing new clients on board, you should see a bump in new jobs. This is how you predict future earnings, budgets, possible upgrades, resource allocation, etc. The breakdown of metrics under this category needs to be extremely specific. So, jobs added, jobs filled, time spent, resources needed, etc.
4. Strategic placement
Keeping track of certain metrics is ultimately of no value if you do not analyze them. To see positive results, you need to make strategic placement decisions. The overall placement amount and average fee show how close you are to meeting earnings targets.
5. Live jobs
What separates successful businesses from failing ones is how productive their employees are. Take note of how many live jobs each employee or consultant has. Also, keep tabs on how successful they are and how much time they’re putting into the task. This lets you ensure no member is working on too many or too few jobs and that the workload is evenly spread.
6. New recruits
If you want to take on new jobs, then you need people to fill those roles. That means meeting possible candidates should be a continuous cycle. You cannot have one without the other. So, while all meetings will not result in live jobs, you still need a system for sorting through dozens of potential clients and shortlisting the most likely candidates.
7. Taking the first step
The question then becomes, how do you make good placements? Should you send out your CV to 100 different companies? Or pick your targets through a layered process of shortlisting? What strategy do you use?
That is where daily recruitment metrics come in. You need to keep track of how many CVs you send out, the number of those that result in meetings, and the ratio of meetings that convert into active jobs. Each part of the funnel requires close attention and monitoring. Depending on the overall outcome you may need to change your strategy. Or you may find that it works perfectly.
When it comes to metrics, you should start by analyzing numbers on a micro-level. Look at each office, each team, and each consultant. How many placements are they making, and what kind? What resources do they need, how long does each take, and what overall outcome do their efforts have on the organization as a whole? On this level, you can identify weak areas or sectors that need major structural changes.
Then, you observe metrics on a macro-level. When all these numbers come together, what do the overall trends look like? How far are you from your goals? How is your company competing with other organizations? Are there changes you need to make to push growth? One strategy you can use is to compare sectors that are showing promising results with sectors that are slacking. Link this back to the analysis on a micro level to see what difference in strategies is leading to these results.
10. Comparative data sets
Every time you make a strategic change in one part of your organization you need to compare the results with another set of data. Having comparative metric analysis is the only objective way to make business decisions.