Reporting & Metrics: Start Now
When you are targeting growth, you should make reporting an integral part of your management duties from day one. Start early, and you will be thankful in the long-term. But what should you be looking for? Let’s take a case study example.
When eBoss developed our suite of business analytics tools, we wanted to support agencies that took a granular approach to reporting. We introduced extensive Key Performance Indicators (KPI) that cover every aspect of a consultant’s life.
How many emails are you sending each week? How long are your consultants spending in telephone calls with clients? And then, what are the outcomes of those? We wanted you to be able to see at a glance how many of your candidates are making it through to the interview stage, and on to placement.
Recruitment automation: the secret to agency growth
When we talk about email counts or phone minutes, this might seem like the minutiae of your enterprise. But remember that the collection and analysis of this data is all automated, so it takes no additional time or effort to store. Pretty soon, you are gaining a solid insight of your enterprise: what is working and what isn’t – but also how it is working.
At the same time, you will want to pay attention to your sales metrics, too. How many new clients have you attracted? Of your existing clients, which have spent more this month than they did in previous months?
Next, factor in costs and revenues on an organisational level. What are your annual, or monthly, recurring revenues (ARR/MRR) from clients? Your aim is growth, but do you have a spreadsheet of individual customer acquisition costs (CAC)?
From here, it is a relatively simple task to calculate your performance in the real terms of margin, profitability, and sustainable growth.
This might seem like a lot of initial work for little immediate return, but you will be surprised at how easy it is to compile complete reports, when you have the right tools. And remember: by gathering business metrics at an early stage, your measures will already be in place when you do begin to grow. The historic data that you collect now will become a valuable yardstick by which you can assess your performance and growth over the long-term.