What is KPI and how can you use it in your land surveying business

Key Performance Indicators (KPIs) are metrics used to measure and track progress against specific business goals.

Deciding what kind of Key Performance Indicator (KPI) to measure for your business can be challenging.

This blog post will explore factors to consider when deciding what kind of KPI to measure for your business.

What is a KPI?

A KPI is a quantifiable or non-quantifiable metric used to measure and track progress against specific business goals.

KPIs can be quantifiable, like revenue or number of new customers, or non-quantifiable, like customer satisfaction or employee engagement.

At the end of the day, you might just be looking at how your progress is on your marketing strategy, sales strategy, or land surveyors’ performance.

Here are some high-level objectives you can set to work on your KPI:

  • I want my surveying business to reduce the number of reworks.
  • I want my surveying business to increase the number of sales in London.
  • I want my surveying business to get more calls from a specific type of clients.
  • From these objectives, you can generate the following types of metrics to measure:

    1. Ratio of reworks vs number of projects, so you can calculate it like this: number of reworks/total number of projects (per week, month or year).
    2. KPI to track for the number of sales: you can look at the conversion ratio from number of calls to measured survey bookings in London. For example, number of bookings for jobs in London/number of calls.
    3. For this one, you might prepare a pie chart or a ratio of number of calls from architects in a certain period divided by the total number of calls. For example, (per week) number of calls from architects/total number of calls per week.

    This one might be a bit hard but you can prepare a pie chart or a ratio of number of calls from architects in a certain period divided by the total number of calls.

    The important thing to remember about KPIs is that they should be aligned with your company’s overall strategy.

    Choosing KPIs that will give you the most insights into whether or not you’re achieving your goals.

    It is up to you to generate these goals, we normally discuss these on a weekly basis with our team by looking at statistics from our business.

    There are dozens of different KPIs you could choose to measure, but which ones are right for your business?

    There are a few general categories of KPIs that all businesses should consider:

    • Sales KPIs: The measurement of calls and bookings.

    This can be cost per acquisition, conversion rate, conversion rate per medium, etc…

  • Operation KPI: the measurement of failures, re-visits, errors, hours spent on a project or plan.
  • the measurement of failures, re-visits, errors, hours spent on a project or plan.

  • Safety KPI: the measurement of incidents, close call, etc…
  • the measurement of incidents, close call, etc…

  • Employee KPIs: These measures track employee productivity and engagement.
  • Examples include time to complete tasks, quality of work, absenteeism rate, and turnover rate.

  • Customer KPIs: These measures track how well you’re serving your customers and meeting their needs.
  • Examples include customer satisfaction scores, Net Promoter Score (NPS), customer churn rate, and lifetime value (LTV).

    Customer KPIs

    These measures track how well you’re serving your customers and meeting their needs. Examples include customer satisfaction scores, Net Promoter Score (NPS), customer churn rate, and lifetime value (LTV).

  • Financial KPIs: These measures track your company’s financial health and performance. Examples include revenue, profit margins, cash flow, and burn rate.
  • Financial KPIs: These measures track your company’s financial health and performance. Examples include revenue, profit margins, cash flow, and burn rate.
  • I’ll talk about them a bit more on this blog to give you a better idea of what we’re looking for in our surveying business.

    I’ll talk about them a bit more on this blog to give you a better idea of what we’re looking for in our surveying business.

    Why Should You Measure KPIs?

    There are several reasons why you should measure KPIs for your business. By measuring KPIs, you can:

    • Get an insight into how well your business is performing
    • Identify areas where your business could improve
    • Benchmark your performance against others in your industry
    • Set targets for improvement
    • Monitor trends over time

    Measuring KPIs can help you to understand where your business is performing well and where there may be room for improvement. This information can then be used to set targets and monitor progress over time.

    I would use spreadsheets and if you have the money I would plug in and aggregate your data using Microsoft office business intelligence. It is pricy but you can replicate it

    What Are the Different Types of KPIs?

    There are four main types of KPIs:

    Leading indicators measure something that happens before the desired outcome. For example, new website visitors would lead to increased sales.


    Lagging indicators measure something that happens after the desired outcome. For example, sales would be a lagging indicator for increased profits.


    Input KPIs measure an organization’s core processes. For example, a number of products produced per hour would be an input KPI.


    Output KPIs measure the results of an organization’s core processes. For example, customer satisfaction levels would be an output KPI.

    How do I find business objectives to write my KPI?

    How do I find business objectives to write my KPI?

    There are a few different ways that you can go about finding business objectives to write your KPIs. One way is to look at your business’s overall goals and identify specific objectives that would help you measure progress towards those goals. Another way is to look at specific areas of your business operations and try to identify objectives that would help you improve those areas.




    If you’re not sure where to start, a good place to look for inspiration is other businesses in other industries. There are loads of articles on objectives for marketing or consultancy business that you can use to gather some ideas. See what kinds of KPIs they are measuring and see if there are any that you think would be beneficial for your own business.




    You can get some ideas on your objectives by looking at your
    business strategiesbusiness strategies.

    What sales KPI should I measure in my business?

    What sales KPI should I measure in my business?

    There are a number of different sales KPIs that you could measure in your business, but which ones you choose to measure will depend on your specific business goals and objectives. Some of the more common sales KPIs that businesses track include:



    -Revenue: This is perhaps the most obvious sales KPI to track, and it can be helpful in gauging overall sales performance.



    -Conversion rate: This KPI measures the percentage of leads or inquiries that are converted into actual sales. It can be a useful metric for evaluating the effectiveness of your sales team’s efforts.



    -Average order value: This KPI measures the average dollar amount of each sale. Tracking this metric can give you insight into whether your prices are too low or too high, and whether you’re selling enough high-value items.



    -Customer satisfaction: This KPI measures how satisfied your customers are with your products or services. Tracking customer satisfaction can help you identify areas where your business needs to improve.

    What business operation KPI should I measure in my business?

    What business operation KPI should I measure in my business?

    There are a variety of business KPIs that you can measure, depending on your business goals. If you want to increase profits, you might measure KPIs such as revenue, costs, or margins. To improve customer satisfaction, you might measure KPIs such as customer retention or complaints.

    There are a variety of business KPIs that you can measure, depending on your business goals. If you want to increase profits, you might measure KPIs such as revenue, costs, or margins. To improve customer satisfaction, you might measure KPIs such as customer retention or complaints.

    And if you want to improve employee productivity, you might measure KPIs such as employee satisfaction or output per hour. It is important to choose the right KPIs for your business and track them over time to see if you’re progressing towards your goals.

    And if you want to improve employee productivity, you might measure KPIs such as employee satisfaction or output per hour. It is important to choose the right KPIs for your business and track them over time to see if you’re progressing towards your goals.

    What health and safety KPI should I measure for my projects and business?

    What health and safety KPI should I measure for my projects and business?

    There are a variety of health and safety KPIs that you can measure for your projects and business. Some examples include:

    There are a variety of health and safety KPIs that you can measure for your projects and business. Some examples include:

    • Number of reported incidents
    • Number of injuries
    • Number of days lost to injury
    • Cost of workers’ compensation claims
    • ratio of safety inspections to accidents
    • Training completion rate
    • hours worked since incident
    • ratio of incident vs hours worked

    Each organization will have different priorities regarding health and safety, so it’s important to tailor your KPIs to match your specific goals. By measuring the right KPIs, you can identify areas where your health and safety program is succeeding and areas where improvements need to be made.

    What marketing KPI should I measure in my business?

    What marketing KPI should I measure in my business?

    Assuming you are asking about marketing KPIs (key performance indicators), here are a few examples to consider measuring:
    -Number of website visitors
    -Website conversion rate
    -Cost per acquisition (CPA)

    How to Choose the Right KPIs for Your Business

    Measuring leads generated, sales pipeline velocity, customer churn rate, and net promoter score (NPS) can be general examples of applicable KPIs for many businesses.

    When choosing the right KPIs for your business, consider the type of data you want to track, such as financial data, customer data, or sales data.

    Once you know the type of KPI you want to track, identify where you can get the data, and consider finding ways to get the information if it’s not apparent.

    For example, tracking the conversion ratio of marketing efforts, such as the number of calls, emails, and enquiries converted to bookings in a certain period, can help monitor business performance.

    Using Xero or Spreadsheets

    Track the conversion ratio of marketing efforts for land surveying business.

    Check the number of calls, emails, and enquiries to converted bookings in a certain period.

    Monitor bookings or calls per week, month, or quarter.

    Monitor basic calls for new measured survey enquiries per day on average.

    Highlight any drop in calls on a spreadsheet.

    Check the service ratio in the period and how much services are going towards measured building surveys, topographical surveys, monitoring surveys, or settingout (engineering surveying).

    Aligning KPIs with Business Goals

    Consider what goals you want to achieve with your KPIs.

    Align your KPIs with your business goals to ensure they are truly helpful in measuring your progress.

    Considering Resources for Tracking KPIs

    Take into account the resources you have available for tracking KPIs.

    Use simpler KPIs if you don’t have much time or budget for tracking.

    Use more complex KPIs if you’re willing to invest more in tracking.

    The bottom line is that there is no one-size-fits-all answer when it comes to choosing KPIs. The best approach is to carefully consider your business goals and needs and then select KPIs that will help you meet those objectives.

    wooden cube block with KPI (KEY, Performance and Indicator) word on table background. Business concept

    #image_title

    How to Implement KPIs in Your Business

    How to Implement KPIs in Your Business

    KPIs, or key performance indicators, are a vital part of any business. By tracking KPIs, businesses can identify areas that need improvement and make necessary changes. But how do you actually implement KPIs in your business?





    Defining success looks like for your business is crucial. Identify your goals and objectives, and what you want to achieve. Once you have a clear idea of what success looks like, you can start to identify which key performance indicators (KPIs) will help measure progress towards these goals.

    Decide which KPIs are most important for your business. Not all KPIs are created equal – some will be more relevant and important than others. Consider what data you need to collect and track, and which indicators will give you the clearest picture of how your business is performing.

    Put systems in place to track your KPIs. This might involve investing in new software or hardware, or simply setting up some kind of tracking system manually. Make sure it’s something that’s easy to use and maintain so that you can keep on top of your KPIs on an ongoing basis.

    Conclusion

    Choosing the right key performance indicators (KPIs) for your business is crucial. Follow these tips to ensure you’re choosing KPIs that will help you achieve success in your business: focus on metrics relevant to your industry, set measurable goals, and choose KPIs that align with your company’s values.

    There is no one-size-fits-all answer to this question, as the best KPIs for your land surveying business will vary depending on your goals, and other factors.

    Some general tips that can help you choose the right KPIs for your business include focusing on metrics that are relevant to your industry, setting measurable goals, and choosing KPIs that align with your company’s values.

    By following these tips, you can ensure that you’re choosing KPIs that will help you achieve success in your business.

    If you have any suggestions or edits that you want to make on this post don’t forget to reply!

    If you have any suggestions or edits that you want to make on this post don’t forget to reply!