Killer KPIs: The Simple Way to Keep Track Of Your Professional Service Firm’s Growth

Every business wants to grow. Even if you don’t want to become the next IBM, growth and progress is a healthy objective for any professional service firm that wants to thrive. But to encourage growth, you need a clear understanding of your business’ performance. 

To gain that understanding, you need to be actively measuring your performance against pre-established goals. How do you measure performance? Well, sit tight, and let us talk you through it.

How is a professional service firm’s performance measured?

Within any industry, the market is constantly changing and in flux. As such, it’s essential to closely monitor your goals and performance to ensure you’re making all the necessary changes. You never want to be taken by surprise. Closely monitoring your performance enables you to forecast accurately and make sure you’re always in control. 

Setting goals

It might be more difficult than you think to really nail what you want to achieve in a succinct, measurable way. We’ve noted down a few goals that we think would be widely applicable to professional service firms to get you started:

  • Increased lead generation
  • Longer customer lifetime 
  • Increased productivity 
  • Improved customer experience 
  • Increased market share

Once you’ve decided on a handful of essential goals, you’re ready to monitor your progress. For that, you need to establish your key performance indicators (or KPIs for short.)

Establishing KPIs

Your chosen KPIs should be reflective of your goals. Say for instance if you’re an accounting firm, your main goal may be to increase lead generation. Therefore, one of your KPIs should definitely be tracking organic traffic to key landing pages on your website. That way, you can monitor the number of users on key pages of your website and track various factors like their session duration and conversions. We’ve compiled some common KPIs to help kickstart your brainstorms:

  • Organic traffic to key landing pages
  • Goal completions (Enquiry forms filled out, whitepapers downloaded, competition entered, etc)
  • Email performance
  • CPA (Cost Per Acquisition)
  • Social engagements
  • SEO keyword ranking

Reporting

Now that you’ve got your KPIs down, it’s time to put them into action. Without accurate, regular reporting, all the work you’ve put into defining your goals and implementing your KPIs will go to waste! 

Ensure that you’ve set up all the necessary software to track your KPIs. Some platforms, like MailChimp for example, have an inbuilt reporting feature that makes receiving feedback on your campaigns quick and easy. Some other reporting tools are a bit more difficult to use but are infinitely useful and worthwhile once you’ve got the hang of them. Google Analytics is an essential tool for tracking your website’s performance but will a little more time to set up than built-in features. 

It’s also a good idea to get into the habit of regularly reporting. Keeping track of your KPIs and updating them once a week allows you to have total visibility on your professional service firm’s progress. Keeping previous week’s reports also allows you to compare and contrast data at a glance. We recommend keeping track of the whole year’s performance in one table so any historical data is easily accessible. 

Now you’ve got everything in place to track and monitor your professional service firm’s performance. As we mentioned before, the market is always shifting and changing, so it’s important to revise your goals and KPIs every quarter to ensure you’re getting the most out of them. If you’re looking for more strategies to help your professional service firm improve growth and performance, take a look at our marketing for professional services firms page or contact us for a free consultation to see how we can help accelerate your business.