When you first start out as a VA, KPI’s (or Key Performance Indicators) are probably the last thing on your mind. The simple truth is you want to find clients fast. In fact, you probably don’t even mind what type of client they are to begin with, you just want to see a client base and income forming.
But as the months roll on and your client base steadily increases, it’s time to start planning. You shouldn’t be thinking as an employee anymore, but instead as a business owner.
That’s where Key Performance Indicators come into play.
KPI’s aren’t just for big businesses, every business should have them. Whether you plan to grow your business by working with associates, or you simply want to continue with a set number of clients working on your own. KPI’s are put in place to help measure the performance of your business, so you can see where you’re headed and how much progress you’ve made in getting there.
Typical KPI’s will relate to:
- Your finances; do you see a steady rise?
- Your clients; how many do you have, how often do they use your services, how many have you gained, how many have you lost, what’s their satisfaction level?
- Your associates; how often do you use them, what’s the quality of their work, do you need more/less, do they have complementary skills?
- General operational efficiency; what software do you use to help streamline your business, what can be improved?
When setting your KPI’s, think SMART.
And finally, consider the following questions:
- Where is the business now?
- Where is it going?
- How is it going to get there?
This will help you focus and come up with a solid plan for the direction your business needs to go.
Once you’ve set your KPI’s make sure you keep track of them regularly. Pop them into a spreadsheet or dashboard which you can see daily, weekly or monthly, so you can continually monitor them to make sure you’re staying on course.
If you want your VA business to succeed, it’s vital that you think as a business owner and not just as a VA. As the Virtual Assistant profession continues to grow, so must you. Businesses and their needs change, so should yours.
So once you’ve set your KPI’s don’t forget about them. Regularly review, update and revise them as needed in order to maintain business success.