Is it possible that what you measure influences the results you get? If I measure efficiency, I may well get efficiency but at what cost? Could it be that customer service will suffer as a result?
The seminar explored this possibility and inquired into finding the numbers to measure that would make the biggest difference to a business. We looked at types of indicators, lagging, coincidental and leading indicators and crucially understood that the numbers that matter most are the numbers that are important to our customers.
Taking Continental Airlines as a case study we examined what happened when they started getting into the world of their customers and measuring what mattered to them – arriving on time, not losing baggage, dealing with complaints. It turned out that these were the really important numbers that actually drove the profits in the business, and for those who know the story of Continental Airlines, turned it from one of the worst performing companies in the industry into one of the best.
To identify the right numbers to measure, requires thought, observing what makes our clients tick and ultimately a theory of what the foundation for success in a business will be. For example as a firm of accountants we have a theory that if we are really on top of clients affairs and responding to their requests and we are making a difference to their businesses, then we will be successful. From that theory we can develop a much more powerful set of indicators to track that than simply how efficient we are in doing the work.
The seminar’s workshop session gave space for everyone to apply the ideas to their own business, identifying the theory on which they were building success and the leading indicators for their business.
As we have come to expect feedback was very positive. Overall value was rated 9.5/10. The following is a selection of written comments:
“It got me thinking creatively about what I can do to expand my business and make it more profitable.”
“Excellent subject! I’m so glad I made the time to attend. I know this seminar would cost hundreds elsewhere.”
“This seminar was excellent! If you are a new business or an existing business, you need to attend. Exceptional value with practical examples.”
“Once again I arrived at the seminar not really knowing if it was going to be relevant to me, but of course the content is interesting and relevant to all business owners and self employed people.”