Monitoring Key Performance Indicators (KPIs) is an important managerial task for any business in any industry. In the Propane, Fuel Oil, and HVAC industries, this task often gets overlooked, probably because it is made overly complicated. Reporting on your company’s KPIs shouldn’t be too complicated, stressful, or too time consuming. In fact, whether your company is doing well or could use a boost, your daily, weekly, or bi-weekly reporting routine should provide that extra energy and motivation needed to get you to your goal.
You might be thinking, “Did I just read DAILY, WEEKLY, or BI-WEEKLY REPORTING ROUTINE? No way! I don’t do any reporting and my business is doing just fine,” or, “I don’t know what my KPIs are…this article is irrelevant.” If these are your thoughts right now, please keep reading. If these aren’t your thoughts, you should also keep reading. Reporting is important but it only works if you do it consistently. At Blue Cow Software, we work with companies who have never reported and companies who report all the time. We’ve nearly seen it all. To help you be better, we’ve put together this post to share our knowledge on why you should be reporting along with tips on how your business can get started.
Reason 1: Monitor Your Progress
A good reporting program compares your current KPIs to benchmarks set by your past performance, your industry’s averages, and the goals you aspire to reach. By reporting on your KPIs and comparing them to benchmarks daily, weekly, and bi-weekly, you can see if you’re efficiently utilizing your resources to make progress in the right direction.
Reason 2: Takeaway Important Information
Depending on what your KPIs are, you can takeaway important information pertaining to your business.
A few questions (among many) that can be answered with an effective reporting program include:
- Is this department working efficiently?
- Are we losing money by delivering to this area?
- How are my drivers and techs doing?
Reason 3: Morale
Successes and failures all come with lessons to be learned. Once you begin regularly reporting on your KPIs, whether you’re noticing more successes or failures, you can take the lessons learned and share them with your team. Turn the negatives into motivation for your team to do better. It might be hard at first, but with time and positive reinforcement, you’ll begin to see a difference in not just your team and company’s atmosphere, but also your KPIs and reports.
How to Get Started:
Your company’s back office, delivery, and service software might have a reporting program. If you are a Blue Cow Software customer, you can add on the new Analytics 3.0 program. The benefit of a reporting program that integrates with your back office, delivery, and service solution is that the amount of work you need to do significantly decreases.
Wondering about your KPIs? If you use a program that is a part of your current solution, like Analytics 3.0 for Ignite users, your KPIs will be automatically selected for you. Some KPIs you might consider if you’re not using the Ignite Software Suite include:
- Number of Tickets
- Number of Work Orders
- Service Profit
- New Accounts vs. Lost Accounts
- Run Outs
- Call Backs
- Deliveries per hour
- Miles between deliveries
- Profit per hour
Your KPIs should be selected based on what will help you monitor how efficiently and successfully your business is running. The list above is preliminary and, note that based on your business, your KPIs might differ.
Finally, if you are shopping for a reporting program, look for one that utilizes business intelligence. Reporting programs that utilize business intelligence, like Analytics 3.0, analyze your company’s data and then give you feedback and trend alerts in real-time, before something bad (or good) happens.
Like your personal health, monitoring your company’s health shouldn’t be a question. Think of your company’s reporting program like a fitness tracker that you wear every day. You want it to be simple to use and monitor, and you want it to help the health of your business. While you can create a manual reporting program, software add-ons like Analytics 3.0 will help you stay one-step ahead with minimal effort on your end. So, why not?