Episode 38: The Wize Fab 5 Key Performance Indicators
In this episode of The Wize Guys Podcast, Brenton Ward, Jamie Johns, and Ed Chan discussed the fab 5 KPIs for running your business. These KPIs will help you track the performance of your practice and scale your business. Unfortunately, most firms do not track their numbers, productivity, and more which makes it hard for them to manage from the bottom up.
Find out how Ed and Jamie shared their views on the importance of setting up a system that will allow you to monitor your firm’s productivity and performance.
Timestamps:
0:35- The importance of measuring KPIs
3:41 - Why profitability has the biggest area in terms of impact
4:23 - How to be in control
6:31- How to manage expectations
7:41 - The concept of lockup
8:41 - Ways to track productivity and performance
11:01 - The importance of capacity planning
11:35 - How to match your senior client managers to clients
Quotations:
“All the reason why the cost of goods sold is such an important area is that the cost of goods sold is our labor and other businesses might be other things.” - Ed Chan
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Download the full transcript here.
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