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INSIDE THIS ISSUE
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5 Ways to Build a More Productive Sales Team
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The Smart Way to Resolve a Conflict
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Puzzle
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How to Zero In on the Right Key Performance Indicators Stop Monkeying Around and Start Collecting Data
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IF YOU WANT TO MANAGE IT, MEASURE IT! It doesn’t matter if you’re balancing your checkbook, tracking your sales, or counting calories: If you take the time to measure something, then you’ll be able to manage it more effectively. This can seem overwhelming to business leaders. You know you should be measuring things, but how do you decide which of your company’s inputs and outputs to measure? HOW TO ZERO IN ON THE RIGHT KEY PERFORMANCE INDICATORS In business management, this is known as the theory of constraints, a concept made famous by Eliyahu M. Goldratt and Jeff Cox’s 1984 novel, “The Goal: A Process of Ongoing Improvement.” This bestselling book changed how America does business, and you might benefit from a copy if you’re struggling with one or more of these bottleneck symptoms:
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Failing to move forward despite working hard
There are so many options that you may be tempted to settle on traditional key performance indicators (KPIs) like total revenue, gross profit margin, net profit, etc., even if they make no sense for your company. Don’t fall into this trap! Instead, focus on finding the unique KPI that matters for your performance. To discover that KPI, you need to carefully observe the conditions that are keeping you from success. These often show up as a “bottleneck” in your organization that blocks you from your ultimate goal. Once you identify the bottleneck, you can investigate it to discover the underlying problems. Quantifying those problems will allow you to widen the bottleneck and achieve greater performance.
• Dissonance on your team to the point that when you ask, “What is our goal?” each team member gives you a different answer • A chaotic culture driven by urgency but without a clear destination • An inability to focus on the things that will get results, either because of poor time management, putting out fires, or over-multitasking If you identify with any of those issues, then set aside a morning to bring your key team leaders together and analyze the challenges you’re facing. If you write down your symptoms and identify their common causes, then the KPIs you need to track will become obvious. Start measuring them on a daily basis and you’ll quickly find that what gets measured gets managed! If you want to learn more, then email Stephens@Sandler.com and ask for a copy of Sandler Training’s “KPI Pick List.”
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