Setting key performance indicators (KPIs) can be an essential tool for tracking the growth of your conveyancing practice.
Using KPIs, according to HubSpot, measure performance and help progress specific business goals over a short or long-term period.
They can also be an indicator for areas of your business in need of improvement or performance adjustment. To help you set the right KPIs for your conveyancing firm, here are several tips to consider:
1. Set your objectives
It’s important to note that your KPIs will be a strategy for reaching your business objectives. Your conveyancing business for example, can focus on increasing referrals, customer satisfaction, sale or purchase matters, revenue growth, or building your staff pool.
2. SMART board
Using a SMART board can help you define and action your KPIs. Your SMART, or Specific, Measurable, Achievable, Relevant, and Time-bound board, will track your performance within a reasonable timeframe, relevant to your objectives, and time-bound with a specific deadline.
An important factor to remember when using KPIs is that it’s not just a set and forget. Using KPIs means consistently monitoring the trends of your objectives and whether your timeline will be achievable. To see both short and long-term trends with KPIs, try tracking your results weekly. This will result in an easier coverage process and analysis of trends at the end of your reporting period.
The final stage for using KPIs is the reporting. To use them to the full potential, tracking throughout and performing a final analysis on the results of your KPIs at the end of the timeframe will prove an invaluable asset to the next phase of your business and to see employee, or practice performance.
Ultimately, when setting KPIs for your conveyancing firm, start by identifying objectives, map our how this will look using your SMART board and track the results consistently throughout. Using the KPI method for your business and each of your employees will result in actionable, data-driven decisions for the growth and success of your conveyancing firm.