Join Chris Fay, Founder and CEO of TrebleHook, and John Goff, Director of Business Development, as they dive into the essential KPIs that AEC firms need to master for success. This webinar focuses on practical applications and strategies to help you leverage KPIs effectively for business growth.
Key Points Covered:
- Introduction to KPIs:
- Importance of KPIs in driving business success.
- Understanding the balance between the analytical (left brain) and creative (right brain) aspects of business.
- Defining KPIs:
- Explanation of Key Performance Indicators (KPIs) and their role in measuring business performance.
- Importance of setting SMART (Specific, Measurable, Attainable, Relevant, Time-based) goals.
- Leading vs. Lagging Indicators:
- Understanding the difference between leading indicators (predictive measures) and lagging indicators (historical measures).
- Importance of having a blend of both to effectively run a business.
- Applying KPIs in AEC:
- Practical example using John Goff’s construction firm to illustrate the application of KPIs.
- Steps to identify, measure, and track KPIs for business growth.
- Creating a Formula for Growth:
- Developing a structured approach to track and measure key metrics.
- Using a simple spreadsheet to project future growth based on historical data.
- Identifying Key Metrics:
- Focusing on the most impactful KPIs such as the number of opportunities chased, win rate, and average project size.
- Importance of narrowing focus to drive significant improvements.
- Implementing and Tracking KPIs:
- Using KPIs as both leading and lagging indicators to monitor and adjust business strategies.
- Regularly measuring performance to stay on track with business goals.
- Keys to Success:
- Starting small and focusing on a few critical KPIs.
- Ensuring data accuracy and consistency.
- Regularly refining and enhancing KPIs as the business evolves.
