Here’s some food for thought: If you’re not constantly reflecting on your business priorities and goals and redefining how you’re measuring success, how do you know where to go? And how can you tell if you’re headed in the right direction? In order for an organization to grow and succeed, there needs to be a constant focus on improving upon what you’re doing. Year over year (or even more often than that), executive leaders need to measure and analyze performance metrics to figure out if results align with the direction the business should be going in. How do you assess that? It all stems from setting the right goals and identifying the metrics that match those goals. What we’re talking about is Key Performance Indicators (KPIs). Just ahead, we’ll introduce a simple framework for setting KPIs in your business. Why are KPIs so important? Business schools teach that you can’t manage what you don’t measure, right? So, identifying relevant metrics is a critical first step of a growth plan. If you are measuring what matters, you’re on the right path to growth and scalability. KPIs help decision-makers track and monitor progress and see where there may be opportunities for improvement. KPIs act as a north star that help teams stay focused on their mission to succeed. Perhaps the strongest argument for running a business based on KPIs is that data is neutral and keeps everyone on the same page. In other words, a culture built on data means that decisions will always be backed by the numbers versus being driven by emotions. Identifying the metrics that matter It’s easy to understand why KPIs are necessary but it’s harder to put into practice. We’ve developed a framework for setting and implementing KPIs that’s simple and easy to follow. But first, you must identify which areas of the business are important to your bottom line. While every business has different priorities, they are all generally looking to evaluate their performance in the following areas: Finance Customers Sales Marketing Operations Internal Teams Don’t make the mistake of overanalyzing data or placing an importance on areas of the business that aren’t significant for you. For example, if you don’t have a robust sales team, it doesn’t make sense to use manpower to evaluate sales data that ultimately won’t be used. Instead, shift that focus to your finance metrics or some other area of your business. Once you know which areas to focus on, determine which metrics paint the most clear picture. Here, quality over quantity is the name of the game. This is where the framework we’ve developed can help you make sense of the KPI process. The IDEAS framework Introducing IDEAS. This simple, but effective framework can help you define success on YOUR terms with the right metrics that are specific to you. Identify the problem What is the problem that you want to solve? Or what do you want to prevent from happening? By starting here, you can tie metrics directly to your desired outcomes. Determine what solves the problem Now that you’ve identified your issues, what are the indicators that might mean progress towards a solution? For example, if you’re looking to improve CSAT scores, maybe Average Time to Response is a metric that’ll help you make progress. Establish your KPIs Knowing your issues and what can help you solve them is how you’ll determine the KPIs that are right for your business. At this point, consider where you’ll find the data you need (i.e. what tools can help you track your data?). Analyze the results Now that your data is in, it’s time for a gap analysis. How do your actual results compare against benchmarks you’ve set? Where can you fill in the gaps? Perhaps you need a change in processes or to invest in additional training for your team members. Start from the beginning The process of setting and tracking KPIs is ongoing. On a regular basis, you should assess your results, see what you can learn, and then start the process over. Once you get in the habit of following this framework, there’s no turning back. Constantly defining (and redefining) and implementing KPIs means you’ll have your priorities in order and be in a position to succeed. Your organization’s specific teams each play a significant role in your overall success, so make sure you’re measuring metrics from all corners of the business. For more on implementing KPIs in your business - including some example KPIs for each of your teams - check out our whitepaper, ‘How KPIs Can Improve Your MSP Business’.
As the owner or manager of an MSP, you may be looking for tools that can help you visualize your data, report on metrics, and make data-driven business decisions. When it’s time to make a purchasing decision, you may be overwhelmed by the number of different tools on the market. How do you choose one over the other? How do you know which one is best for your needs? In an effort to help you avoid analysis paralysis, we’re offering a quick comparison of BrightGauge amongst similar tools on the market. Factors to consider Before you commit to using any one tool, there are a few things you should always take into consideration. First and foremost, know your budget. Be realistic and honest about this number. The business tool you use should help you manage a better organization in the long run, but it should never break the bank. Second, establish a goal. What’s your desired outcome by using this software? What expectations are you setting for your executive team? What benchmarks will you set and how often will you evaluate them to determine whether this tool is working for your needs? Third, what features are most important to you? Do you want to create powerful client reports? Do you want to see all your KPIs in one place by using dashboards? Do you want a software that integrates with the PSA or RMM you’re already using? For example, are you specifically looking to create seamless ConnectWise reports and dashboards? Finally, figure out how many team members and/or clients you want to give software accessibility to. Some tools charge extra for viewer licenses, so you need to take that into account. Weigh your options Once you have a game plan and end goals in mind, then you can start narrowing down your options. If you need buy-in from your executive team, we suggest putting together a comparison chart that outlines the features of each business dashboard tool you’re interested in using. Luckily for you, we’ve gone head and done that dashboard tools comparison research for you! Check out how BrightGauge stacks up against other dashboard tools on the market, like Klipfolio and Power BI. BrightGauge Klipfolio Power BI Integrates with ConnectWise ✓ 𝖷 ✓ Unlimited Admin Licenses 𝖷 ✓ 𝖷 Unlimited Viewer Licenses ✓ ✓ 𝖷 Unlimited Dashboards ✓ 𝖷 ✓ Automated Reports ✓ 𝖷 𝖷* *available with Power BI Premium Pre-built KPIs, Dashboards, + Reports per Integration ✓ 𝖷 ✓ Snapshots (trend analysis) ✓ ✓ 𝖷 Public Dashboards for Internal/External Use ✓ ✓ ✓ Embeddable Gauges ✓ 𝖷 𝖷 Goal-setting System ✓ 𝖷 𝖷 Requires Office 365 𝖷 𝖷 ✓ White Glove Onboarding + Support Included ✓ 𝖷 𝖷 Free Data Customization ✓* *up to 25 gauges, major projects will be billable 𝖷 𝖷 Price $259 per month (Standard Plan) $199 per month (Team Plan) $9.99 per user per month (Power BI Pro Plan) Why choose BrightGauge? While many business tools on the market allow you to create impressive dashboards that give you a real-time view of your important metrics, BrightGauge users love that we’ve made client reporting a simple task. BrightGauge reports convert the metrics you’re tracking into customizable, interactive reports that you can share with your clients on the date and time you choose. You can set up a report one time, save it as a template, and schedule it to go out on a recurring basis, and that automation has simplified the lives of many of our users. Specifically, the ability to create powerful ConnectWise reports is a big draw for our users (especially now that we are a ConnectWise solution). A task that could take up to 8 hours a week in the past is now simplified to just a few minutes. Custom ConnectWise reports allow our users to remain transparent with their clients and report on the metrics that impact business decisions. Additionally, BrightGauge offers its users a proprietary goal-setting feature, which works really well in fostering a sense of accountability within teams. Each individual team member can create goals each quarter and check-in on a weekly basis to track progress, keeping everyone aligned to overall company KPIs and working towards success. To learn more about how BrightGauge compares to other dashboard tools, please contact our team! We’re happy to chat with you.
New BrightGauge user? We're sure you are eager to get access to your data immediately and we're excited for you to do so! Before you get started, we wanted to share some tips and tricks that'll help you see your custom data right out of the gate. This video covers: Where to find default metrics, commonly used filters, and best practices within the gauge builder (watch from start - 5:00) How to customize dashboards (starting at 5:03) Where to find resources for self-learning (starting at 6:42) After you watch this video, you may find it helpful to learn how to add dashboard filters, how to add client mappings, or how to send client reports. If you need some extra help or have any questions, no sweat. We're always here for you. Just reach out to our support team. Happy gauge-building!