- Goal Alignment: KPIs help align business activities with strategic goals. By defining specific and measurable targets, KPIs enable businesses to focus on what truly matters and direct their efforts towards achieving desired outcomes.
- Performance Measurement: KPIs provide a means to measure performance objectively. They allow businesses to track progress, identify areas of improvement, and assess the effectiveness of strategies and initiatives. Without KPIs, it becomes challenging to gauge success or failure accurately.
- Decision Making: KPIs offer valuable insights for informed decision making. By monitoring key metrics, businesses can identify trends, patterns, and potential issues early on. This enables timely adjustments, course corrections, and resource allocation based on data-driven analysis rather than guesswork.
- Accountability and Responsibility: KPIs establish accountability within the organization. By setting clear targets and regularly measuring performance, individuals and teams can be held responsible for their contributions. KPIs promote a culture of ownership, motivation, and continuous improvement.
- Communication and Alignment: KPIs serve as a common language across the organization. They facilitate effective communication, ensuring that everyone understands the organization's objectives and the progress being made towards them. KPIs promote transparency, collaboration, and alignment among different departments and stakeholders.
- Benchmarking and Competition: KPIs allow businesses to benchmark their performance against industry standards and competitors. By comparing their metrics with similar organizations, businesses can identify areas where they are lagging and take proactive measures to improve their competitive position.
- Continuous Improvement: KPIs drive a culture of continuous improvement within an organization. Regular monitoring and analysis of key metrics help identify inefficiencies, bottlenecks, and areas for optimization. KPIs provide a basis for setting targets, implementing changes, and monitoring the impact of improvement efforts.
- Motivation and Recognition: KPIs can be used as motivational tools. By setting challenging yet attainable targets and providing regular feedback on performance, businesses can inspire employees to strive for excellence. Recognition and rewards based on KPI achievements can further enhance employee engagement and satisfaction.
Key Performance Indicators (KPIs) play a crucial role in the success of any business. They provide measurable and quantifiable metrics that allow organizations to assess their performance and progress towards their goals. Here are some key reasons why KPIs are important in business:
Here are some personal branding tips that you can consider:
Tom Gosche Company: GLM, Inc. Email: tomg@goglm.com Mobile: (630) 675-8971 https://www.linkedin.com/in/gosche/ Thanks to a slowing economy, SBA loans have been growing in popularity. So much so The Daily Herald had a Featured article about them in the March 19th, 2023 Sunday Business Section.
www.dailyherald.com/business/20230319/thanks-to-a-slowing-economy-sba-loans-have-been-growing-in-popularity No matter what, you need to talk with someone, an expert that helps business owners daily! We advise you to talk with one of the contact at the bottom of this Matching Ideas with Resources Blog. Typical Situation: Our client is looking to expand their business or perhaps make a business acquisition. They might be looking to purchase equipment, inventory, or real estate. Maybe they also need working capital to expand. We are primarily looking to lend to businesses in underserved areas to create quality jobs When you hear a business owner say: • “I would like to expand but I my bank won’t lend the full amount I need” • “I just got declined for a loan from my bank to buy R/E, equipment, inventory, working capital” • “I want to buy out my partner (or purchase a business) but can’t get financing” • “My bank approved the equipment loan but they only gave me a 24 month term, I’m afraid of a payment that large.” SBA (Small Business Administration) Bankers serve as a trusted banking solution. They Make $1MM-$5MM loans to small businesses. How they Work: They use Government loan programs, to businesses that meet SBA guidelines. They are able to do this by treating the building acquisition as simply an extension of their existing business, rather than a new acquisition. Matching Ideas with Resources: It was fun being a guest on The Connect Show on Tuesday January 31st at 10am Central. It streams live every week. Learn More at Website: https://theconnectshow.com/ You Tube: The Connect Show - YouTube Schedule Zoom Meeting with Jared CLICK to see website "Landing Page" video Jared is now a Best Selling Author read: Voices of Truth Self-producing videos? Want to increase response to get more business? Ask Jared about the opportunity to be in his new Hybrid Course! Proven transformational program now reformatted for On-Line delivery. Call or Text Jared now: Jared’s phone: 847-774-9568 Email: jared@ataglancemarketing.com Here is an outline of a business plan you can use. If you have some trouble, you can ask Tom Gosche, Business Strategist from GLM! tomg@goglm.com and/or 630-675-8971
1. Executive Summary 2. Current Situation 3. Vision
4. Management 5. Product / Service Description 6. Market Analysis
7. Marketing Strategy
8. Production / Manufacturing Strategy
9. Administrative Strategy
10. Financial Information
The Daily Herald had an article in Sunday’s Newspaper about the importance of an Accountant or CPA in advising your business. You can imagine that we at GLM agree with this this. Having an outside look at your business and finances is very important to the growth and stability of your business.
About the Author: Denice Gierach is an attorney, CPA, Northwestern University business master's graduate, and has owned several businesses including in real estate and manufacturing. She is the lead attorney at Gierach Law Firm in the Chicago area. With more than 30 years of experience, she has been a respected and sought-after resource for businesses looking to grow, sell, solve problems, and succeed long term. Her insights across business areas gives a fuller lens to business issues and solutions, and helps businesses grow and succeed with less time spent on legal issues and other time-consuming problems Here is a link to the Article: https://www.dailyherald.com/business/20221204/the-importance-of-involving-your-cpa-in-your-business We recently met with Wendy Schulz, Preferred Funding Group based in West Dundee. They help to secure the funding you need to start or grow your business with help from their trusted team of Experts! Whether you’re looking to start a new business or looking to grow your business, a personal or business loan from PFG can make your plans into a reality. Qualify for up to $500,000 today FUNDING PROGRAMS
TERM LOAN PROGRAM
REQUIREMENTS
BUSINESS CREDIT CARD PROGRAM
REQUIREMENTS
Apply today: https://preferredfundinggroup.wufoo.com/forms/q1b99q130o9718l/ Further Questions? Please contact: Wendy Schulz 847-791-3668 wendy@preferredfundinggroup.com Preferred Funding Group 109 W. Main St. West Dundee, IL www.preferredfundinggroup.com |
GLM's BlogIn true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order.
Tom GoscheTom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him: 630-675-8971
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