Why Tracking KPIs is the Secret to IT Success in 2024

Picture this. Your IT business is hitting all of your goals. You have consistent recurring revenue and your clients are giving you five star reviews. Now how can you make this a reality? By tracking KPIs in your business. But what exactly are KPIs and why are they necessary to have success? My name is Michelle Terpsher and I'm the Chief Revenue Officer over here at Seven Figure msp. And I have a history of building high performance teams. And I'm going to share with you some of the secrets behind the scenes of, of what it takes to see success in your msp. So first of all, if you haven't heard of the term KPI before, it stands for key performance indicator. And let me go ahead and give you an explanation of exactly what that means and why it's important for your business. So, key performance indicators. There's lots of different variations of what this could look like inside your business. And we're going to really focus in on the sales side of your business because that is where you can grow your business and have the most success the fastest right now. So we're going to focus on sales KPIs for the conversation of this. Now I want to tell you what they mean. It means that you track numbers and you track numbers as they grow through the sales process. So you want to achieve a certain number for one set of KPIs. You want to make sure that it translates to the next set and the next set and the next set. It's a progressive vision of and representation of your sales process. And we're going to make it really easy for you to start tracking. Because like I always like to say, if you don't track it, you can't grow it. So what can happen if you don't have KPIs in place in your business right now? Well, you're likely not going to know what's not working. If you don't track certain KPIs, certain metrics in your business, it makes it really difficult to identify exactly what the bottleneck is in your business so that you can tackle that one issue and see success in overcoming it and hitting your next goal. So if you're listening to this and you haven't started tracking your KPIs yet, let's make it really simple. Grab a Microsoft Excel or a Google work workbook and just start to throw them in there. And what's really exciting is that we're going to be Talking about the five KPIs that you want to track. And all you'll have to do is throw them into your spreadsheet or your workbook and start to see them grow and change and evolve. One thing that I love to do is to set some goals in there so that we can see how far off we are from each metric. Now the next question is probably, well, how often should I be looking at these? Well, it's my morning ritual to wake up and look at my numbers, though I hope that's yours as well. So I sit there with my cup of coffee and I take a scroll and I see what my team has done from the day before. The reason why that's so important to see and to look at daily statistics is because it allows you to identify problems quickly so that you can address them. Now, if you've never tracked before and daily feels really overwhelming, then I recommend that you just carve an hour like every Friday to look at the numbers in your business so you can make changes and shifts or celebrate your successes for the next week.