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Have you ever struggled to determine how well your business is doing? A great place to start is by creating Key Performance Indicators or KPIs. They are a quick way to reference the health of your business and determine what needs to be prioritized to keep operations running smoothly. We have outlined a general four-step process for creating one below. 1. Determine if your KPI is predictive or quantitative A predictive KPI focuses on predicting the future while a quantitative KPI tells you what happening in the moment. Typically you use predictive KPIs to warn you of potential problems while you use quantitative KPIs to see the status of your business. For example, a general contractor may have a predictive KPI of tracking the number of bids for potential projects and a quantitative KPI of the revenue for currently active projects. 2. Decide who will be responsible for tracking and collecting the data As your company grows you will eventually need to delegate who collects data for updating the KPIs so you can focus your time on solving problems in the business. Always be sure that you explicitly identify who is responsible for reporting on the KPI and that they have the tools necessary to gather the data. 3. Determine the reporting frequency for each KPI Not every KPI needs to be constantly updated to show a clear picture of your business's health. For example, you typically only need a monthly report for a KPI related to revenue but may prefer a weekly report for any ongoing customer complaints. Discuss with your team how often a KPI needs to be reported out so they spend a reasonable amount of time tracking data. 4. Creating an action item when a KPI shows an issue A KPI is only useful if you act on it! Once you see that a KPI is having a problem always be sure to take the time to create an action item to address it. For example, if you have a KPI tracking requests from your employees for new equipment and you see the number of requests skyrocket, then have someone investigate what is causing the equipment to fail so quickly. This is an overview of how to create a Key Performance Indicator, but if you want to learn even more about how to create one, then be sure to visit us here at The Corner! We are always looking to share knowledge with those looking to build their business. #wichitaks #TheCorner #keyperformanceindicators

One of the most common questions we get when working with our contractor clients is how to get their name out there to companies when their leads on new projects begin to slow down. While there are many ways to build a leads list, one often forgotten about is reaching out to your local library to access their databases. The Wichita Public Library's website offers its members access to one in particular called Reference Solutions which allows you to gather contact information from millions of businesses. Furthermore, it allows you to filter all of those records by their geographic location, industry, sales volume, and more. It is a great resource for finding new businesses that you can contact so that they will put you on their bids list for their upcoming projects! If you have never had the opportunity to check out the array of free resources the Wichita Public Library offers, then here is your invitation to check out their website: https://lnkd.in/gYP-By3E. #wichitaks #database #publiclibrary

Sharing best practices is a foundational value of The Corner and one way we live it out is by hosting presenters that share their expertise with members of our local Wichita community. Recently we have been able to feature speakers like Brandy W., Austin Calam, and Jacob Schlittenhardt who have given insight on everything from free local resources for business owners to in-depth advice on marketing for leads. However, we want to ask you directly to know what kinds of topics would you like to see over the coming weeks and months.

Developing a clear vision that you can effectively communicate to others is a challenge that many entrepreneurs and business owners experience. A great place to start when creating a vision statement is asking yourself these questions: 1. What do you want to be known for being the best at within your industry? 2. What problems do you excel at solving for your customers? 3. What is the ideal client that you want to attract to your business? 4. What values and qualities do you want to embody with your company? 5. Why are you passionate about running this company? As you reflect on these questions and their answers keep in mind that you want to create a vision statement that conveys the same ideas, but within 1-2 sentences. Additionally, if you want more support from a local community of Wichita professionals then stop by The Corner and see how we can collaborate to help you clarify your vision! #wichitaks #vision #businessprofessionals

Are you a Visionary or an Integrator? One of our favorite books, Rocket Fuel by Gino Wickman and Mark C. Winters, delves into how creating a powerful dynamic between the two can dramatically impact how well your business runs. Visionaries are the creative side of the business that are always coming up with big ideas, creating a strong company culture, and bringing their passion when communicating the business to clients and employees. Integrators on the other hand focus on implementing the vision, problem-solving obstacles that impede company goals, and generally ensuring that everything is running smoothly and effectively. If you notice that within your business you are constantly overwhelmed with the day-to-day challenge of putting out fires while struggling to push your company to grow, then you are likely missing either a good integrator or visionary. Let us help you identify the people to fill these roles within your company by coming to The Corner and talking with us!

The gold of every successful business is the people, but how do you put your people first? One of the most effective ways is to show you are invested in the growth of your staff by outlining a Personal Development Plan or PDP. Creating an effective PDP boils down to focusing on three major concepts: 1. Vision - Everyone benefits from a clear vision of what they want personally and professionally. Taking the time to write out what you want from each area ensures that you balance what fuels your passion with what you practically need. 2. Action - Having a plan is useless if there aren't clear, actionable steps for achieving it within a timely manner. Breaking down a goal into short-term steps is crucial so that you are making consistent progress towards a long-term result. 3. Accountability - The biggest risk to any plan is failing to follow through on it when life gets busy. Identifying a friend or family member to be your accountability partner can make the difference in ensuring you follow through. This provides a simplified overview for creating a PDP, but if you want to learn more about crafting one yourself then visit us at The Corner where we offer weekly workshops on topics like this and more! #personaldevelopment #wichitaks #peoplefirst