What would you say if I told you it’s possible to run your business from an island with only 10 minutes of internet access a day? You probably think this is impossible, but I challenge you to think differently. Being able to run your business from an island comes down to having an extremely efficient system in place for monitoring your business’s key performance indicators.
Setting up a KPI Dashboard for Your Business
Take a second to think about the dashboard in your car. It is a system of lights and meters that monitor the car’s key performance indicators. You can look at it and tell the health of your car in minutes. Now imagine driving your car with no gas gauge.
Without a gas gauge, you have to guess when you need gas based on an estimate of how many miles your car gets to the gallon. It’s an inaccurate system that leads to way more stops for gas than you would make if your gauge was working. You also run the risk of running out of gas and failing to reach your destination. If you’re like most business owners, the way you run your business is like driving with a broken gas gauge.
Choosing Your KPIs
If you want to run your business from an island, you have to set up a KPI dashboard for your business that is as effective as the dashboard of your car. The key is to start simple. Start with the three main KPIs that tell you the most about the health of your business. For the human body, these 3 main KPIs are heart rate, breathing rate, and blood pressure. Doctors start with these three things to determine which areas need to be looked into at a deeper level.
What three numbers are the most important to your business? This answer is different for everyone. Once you’ve chosen your KPIs, you’re ready for an exercise in running your business from an island.
An Exercise in Running Your Business From an Island
Imagine you live on a remote island with only 2 30-second intervals of internet access a day. The first 30 seconds comes at 8 am and the second 30 seconds comes at 8:09 AM. Your KPI system has to be so efficient that you only work for 10 minutes each day. How is this possible?
In the first 30 seconds, your team relays you your 3 main KPIs. You spend the next 9 minutes analyzing these KPIs and seeing what decisions need to be made. You also look for where you may need additional, deeper KPIs to determine the cause of performance dips.
At 8:09, you delegate assignments to your team based on what you saw in the KPI report. You know you have chosen the right KPIs when you can pass this test. You don’t actually have to be on an island to run this exercise.
Deciding on the right KPIs is just one of the many things a business coach can help with. Schedule a business coaching session with Titanium Success to get to a point where you could run your business from an island.