Most Important Metrics to Track for a Consulting Business: Video

Consulting Success

Video Transcript: Let’s talk about metrics. Specific metrics that you can use to get more clients, win more business , and actually grow your consulting business. There’s four metrics in one track. Metric number three that you want to track is proposals.

Looking Beyond Short Term Financial Metrics (Nigel Lake, Part 2 of 10)

Tom Spencer

Tom: Do you think that short term financial metrics are part of the problem in developing long term strategy? And so, there appears to be a disparity between what companies do and what the metrics are measuring. (Source: Flickr ).

Healthcare.gov Success Metrics - Net Promoter Score

Consultant Ninja

Ignoring the signup/website experience, I''m curious about the customer satisfaction and actual value from the core product. none / $0-1K / $1K-2K/ $2-5K / >$5K] 4) How likely are you to recommend our company/product/service to your friends and colleagues? Interestingly I''ve seen zero data (though plenty of anecdotes) to support either direction. I''d like to run a separate survey targeting just people who have signed up.

Don’t Be Tyrannized by Old Metrics

Harvard Business

While effective metrics are essential for focusing attention and achieving results, they can also overpower better sense. Most industries cower to a few central metrics, the yardsticks that define the winners and losers. Metrics tried and proven over years become a guide to what’s important, driving resource allocation. But these metrics can become tyrants. When things change, outmoded metrics can threaten a firm’s survival. HBR STAFF.

Find the Right Metrics for Your Sales Team

Harvard Business

As a consequence, managers don’t have a clear sense of what is really driving sales in their business, while salespeople, who are inundated with dozens of metrics, get lost in the day-to-day noise. The challenge, of course, is to decide on the right metrics. Wins are the most common metric used across sales roles and industries. On average, firms measure closed deals and rep production against quota monthly, which isn’t surprising.

We Can’t Study Short-Termism Without the Right Metrics

Harvard Business

But a smaller ratio could also indicate that: A firm has enough capacity built up and does not want to overinvest; a firm has recently outsourced its production, and therefore needs to spend less on capital expenditure; a firm has improved its operating efficiency, and therefore needs lower capital expenditure than before; or a firm relies more on short-term operating leases, which are not captured by the capital expenditure number, to provide for its capacity needs.

The Paradox of Workplace Productivity

Harvard Business

At its most basic, productivity is the amount of value produced divided by the amount of cost (or time) required to do so. It’s tempting to conclude that, if individuals are able to perform their work much better and faster, overall productivity must be soaring.

Right product, right time, right location: Quantifying the semiconductor supply chain

McKinsey

A new metric can help companies pinpoint performance issues. Problems along the semiconductor supply chain are difficult to diagnose. Insights on Semiconductors

The Key to Agile Success? Focus on Outcomes, not Metrics - SPONSOR CONTENT FROM CA TECHNOLOGIES

Harvard Business

Companies across the globe are faced with new competitive threats, changing market dynamics, new technology disruption and evolving customer needs, and the pressure is on for companies to be able to sense and respond to those changes and deliver better products and services to customers, faster. For years, agile teams and organizations have measured success using process metrics – time to market, team throughput and cycle times, improved quality, and better predictability of output.

How to Be More Productive Without Burning Out

Harvard Business

Intrigued by the possibility of a way out of the burnout cycle, a coworker (Colin) and I started meeting every other week to discuss productivity. To give more rigor to our meetings, we decided to define a metric for our productivity: average weekly hours worked. This was the first time I realized that most people have no idea whether they’re really being productive or not. The same is true for productivity. Define a metric. Moment/Getty Images.

How to Build Great Data Products

Harvard Business

Products fueled by data and machine learning can be a powerful way to solve users’ needs. Classic examples include Google search and Amazon product recommendations, both of which improve as more users engage. But the opportunity extends far beyond the tech giants: companies of a range of sizes and across sectors are investing in their own data-powered products. Data products are a team sport. Develop the data-savvy of product and business groups.

Using Experiments to Launch New Products

Harvard Business

One simple and often overlooked way for larger companies to experiment is to randomize the introduction of new products across a set of markets. And Uber is not alone among these companies in turning to market-level experiments to test new products and innovations.

How to Accelerate Productivity of Your New Talent

LSA Global

When you have invested significant time and money to hire new talent, you look for a payoff…productive employees who are engaged and stay. Overseeing the new hire onboarding process should include specific success metrics.

Want to Be More Productive? Sit Next to Someone Who Is

Harvard Business

But we discovered a surprisingly simple way to increase productivity, one that was low-cost and had immediate impact: better office seating arrangements. Research we conducted suggests that who an employee sits next to affects how they perform — and grouping the right types of coworkers together can improve productivity and work quality. Worker performance data broken down into three metrics: Productivity. Workspaces Productivity Digital Article

What It Takes to Become a Great Product Manager

Harvard Business

Because I teach a course on Product Management at Harvard Business School, I am routinely asked “what is the role of a Product Manager?” ” The role of a Product Manager (PM) is often referred to as the “CEO of the Product.” Defining and tracking success metrics. These core competencies are the baseline for any PM and the best PMs hone these skills over years of defining, shipping, and iterating on products.

The Best Companies Aren’t Afraid to Replace Their Most Profitable Products

Harvard Business

Self-cannibalization occurs when a company chooses to proactively replace one product or process with another that is potentially worth less. In 2005, when the demand for the iPod Mini remained huge, the Nano was launched, effectively destroying the revenue stream of an existing product.

High Online User Ratings Don’t Actually Mean You’re Getting a Quality Product

Harvard Business

After all, online user ratings and reviews are now one of the most important sources of product quality information. Online ratings may not reflect a product’s quality at all. Statistical issues stem from the fact that we only observe review scores from a subset of product users.

WhatsApp Grew to One Billion Users by Focusing on Product, Not Technology

Harvard Business

That’s our product, and that’s our passion. It launched a product, gathered feedback, and kept iterating as it scaled and added users. At the other is a product or service that solves the problem or addresses the market in a way nobody has thought of before.

Being Engaged at Work Is Not the Same as Being Productive

Harvard Business

Many companies are investing heavily to identify what leads to high engagement in order to motivate employees, thereby increasing their happiness and productivity. Working with two Fortune 100 companies, we looked to test the assumption that highly engaged employees are more productive. After experimenting with a number of potential behavioral metrics, we settled on using one that approximates average weekly working hours as our primary measure.

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Research: Customers Notice When Products Shrink More Than When They Get Bigger

Harvard Business

You are marketing a new option, say with 20% more product or 50% more minutes on a calling plan, but you can’t get customers to pay for even a fraction of the additional value. Why do people get so mad about product downsizing? x 1.26 = 2), but it looks as if the product is just 78% bigger (because 26% + 26% + 26% = 78%). Although it is deceptively simple, an effective solution to this problem is to make information about product quantity loud and clear.

Seth's Blog: The brand is a story. But it's a story about you, not about.

Seth Godin Blog

Essential reading about remarkable products and services. In markets that aren't natural monopolies or where there are clear, agreed-upon metrics, how do we decide? Seths Blog.Seth Godins riffs on marketing, respect, and the ways ideas spread. About. Archives. Subscribe. Recent Posts. "Oh, Oh, thats just a hack someone put together.". The sophisticates. Q&A: Purple Cows and commodities. Colors or numbers? Words are hooks, words are levers. Mumbo vs. Jumbo. Death and Taxes, 2014.

A Study of Hospitals Found That Outsider CEOs Make Their Organizations More Productive in the Long Run

Harvard Business

Our research , which focused on CEO succession in the American health care system, examined the impact of CEO succession on productivity and efficiency. We found that any type of leadership change will result in short-term adverse impacts on a firm’s operational efficiency, but outsider CEOs experienced a clear advantage in productivity gains. Lee Powers/Getty Images.

The Perils of Internal Disruption (Part 5)

Markovitz Consulting

Managers capture all kinds of metrics, from the number of patient falls in a hospital ward, to the first pass yield in a production line, to the number of hits on a website, to the time it takes to repair a bicycle. Too often, leaders react to every up and down in the metrics, asking for explanations and root causes that don’t actually exist. Some changes in metrics are just noise in an otherwise stable system.

Why the Technology Economy Matters

BCG

Technology intensity is a proprietary metric that analyzes technology spending relative to a company’s and an industry’s revenues and to their operating expenses.). For example, annual productivity growth in the US from 2007 through 2015 hovered at a sluggish 1.3%

Why Technology Matters

BCG

Although we agree that factors such as commoditization can erode a product’s advantage over time, we take fundamental issue with the notion that companies cannot create lasting advantage from widely available technology. Article Monday, October 03, 2016.

How to Motivate Frontline Employees

Harvard Business

To build a genuine sense of purpose and meaning, the employees in the experiment stores were taught how to connect every product, process, and policy to the benefit and impact they had on customers. Goals and metrics were transparent to everyone so that nothing was hidden.

The Power of Technology Economics

BCG

Despite its starring role in business and everyday life, many economists openly question whether technology is visible in traditional economic metrics such as GDP, productivity, and corporate profits. Within a few years, labor productivity across the economy falls as well.

Stop Chasing Likes: Social Media Success Start with Strategy

Joellyn Sargent

Metrics Shift. As market environment evolves, the nature of your metrics will shift. In the case of Buffer, the decline in social referrals to their blog could be a by-product of their success. Metrics don’t work in a vacuum.

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Asset Management – Valuation (Part 2 of 4)

Tom Spencer

This will have a pronounced effect on leverage and coverage metrics. As a secondary metric, large asset managers with diversified businesses may also be looked at from a free cash flow yield perspective. Characteristics of Asset Management Firms.

Why People Lose Motivation — and What Managers Can Do to Help

Harvard Business

But since Tom’s boss was under pressure to meet a number of website metrics, she didn’t have the flexibility to implement his ideas. It’s not often possible to ignore performance metrics or overcome policies and bureaucratic red-tape. They then experimented with transforming their own production line using the new techniques. ” It can’t just be a speech by senior leaders who speak during town hall meetings about why their products help customers.

How Cloud Computing Is Changing Management

Harvard Business

History suggests that the main way information technology changes management is through changes in how information is gathered: the large-scale analysis of Operations Research reflected painstaking data collection around a few metrics, which were transferred to punch cards. BPM reflected the interactions of different stakeholders, from product creation through supply chain to final assembly. How it effects product design and customer experience. yagi studio/Getty Images.

It’s 10 AM. Do You Know What Your Sales Reps Are Doing?

Harvard Business

By seeing exactly where and how people spend their time — rather than relying on recollections, anecdotes, or assumptions — executives have a solid basis for taking actions that will raise productivity. The company had experienced lackluster sales growth, especially outside of its core product category. That allowed them to have richer conversations with customers, in which they could credibly cross-sell new product lines.

How Your Morning Mood Affects Your Whole Workday

Harvard Business

We used the company’s detailed performance metrics to investigate how their mood at work related to their performance. Most importantly, we discovered strong performance effects when it came to quality of work and productivity. Stress Productivity Psychology Digital Article

How to Reach the Technology Economics Frontier

BCG

In the first two articles in this series, we explored the strong relationships among technology spending, corporate profits, GDP, and productivity. Article Wednesday, October 19, 2016. This is the third in a series of articles on technology economics.

Health Care Providers Must Stop Wasting Patients’ Time

Harvard Business

Like many patients, Jess felt her providers were delivering very little quality of care when defined by the one metric that mattered most to her: time. While Jess didn’t get her care at Kaiser Permanente, we are working to improve on this metric. And in the metric that matters so much to so many of our patients — saving time — most of the time in a zero-day stay is spent treating the patient.

What If Companies Managed People as Carefully as They Manage Money?

Harvard Business

Based on our research , inspired employees are three times more productive than dissatisfied employees, but they are rare. To measure human capital, you can deploy metrics such as our productive power index , which looks at the cost of organizational drag and the benefits of effective talent and energy management on your overall productive power. Talent management Managing organizations Productivity Digital ArticleVincent Tsui for HBR.

Bots Won’t Just Help Us Buy Stuff. They’ll Help Us Become Better Versions of Ourselves

Harvard Business

Siri is super, Alexa is awesome, and Cortana’s quite clever, but better bots and digital assistants aren’t going to determine personal productivity’s data-driven future. Tomorrow’s most effective executives will merge and marry workplace data and analytics to digitally design more-productive versions of themselves. Simply put, selvesware helps people identify, manage, and measurably improve their best, most productive selves.

How to maximize CRM in marketing services

SkillQuo

For any business to grow, this growth is determined by the products that the business is selling and the need that these commodities are assuaging for the customers. After buying a particular item, a customer might find out that it lacks something that might make it a much better product.

A Hands-Off Approach to Open Innovation Doesn’t Work

Harvard Business

And this is precisely the problem that many companies are having in their efforts to collaborate with partners, share resources and knowledge, and create new products and services. This group worked to anticipate and resolve problems before any product codevelopment even began.

What Great Managers Do Daily

Harvard Business

Microsoft’s Workplace Analytics product analyzes metadata from the digital breadcrumbs of a customer’s millions of de-identified email and meeting interactions to generate an objective and granular set of behavioral KPIs across the organization (for example, how much time managers spend in one-on-ones with employees, how quickly they respond to emails from each direct report, how large and diverse there networks are, etc.). So much depends upon managers.