Commonly used metrics for the business development dashboard
There will always come a time when things will seem a bit stagnant in any company. And if you start to feel this way, things are likely more stagnant than they seem. So do you want things to change? No matter how futile efforts to bring about change may seem, there is always hope in instilling them. This can be done by implementing the business development scorecard.
Always remember the mantra: “You can never manage what you cannot measure.” This is a mantra that managers in all industries must adhere to. After all, how can you measure the different aspects of your business if you have no way to measure them in the first place? You really have to take measurement into account, regardless of what angles of shift you need to incorporate. Since changes need to be made, you may have no idea how to do metric development here. Don’t worry, there are many sources you can consult to determine the appropriate metrics to use. Here are some examples of business development metrics, as well as customer relationship metrics, that you may want to include in your dashboard. These are chosen primarily because they are of great help in showing you what really matters amid all the details of the business environment.
Customer relationship management
One of the metrics to take into account refers to management fees that do not include personal invoices. These pertain to anything that contributes to the goal of customer retention and development, as long as they go beyond the benefit of personal fees. The following are management fees that go beyond personal and workgroup bills. These fees correspond to everything that contributes to the management of customer relations that is outside the direct work group but remains under supervision. Finally, there are the management fees that go beyond personal billing, beyond the direct work group, as well as the practice group. All of this has to do with the value of relationship management that contributes to the entirety of the form, and is also indicative of the distribution of services and fees.
These metrics regarding customer relationship management are easy to measure. Once you have them up to date, you can move on to acquiring new business.
Customer development in the new business environment
One metric to keep in mind is your new customers, both introduced and originating. You must determine the rate values for the current year, the expected rates for the next two years, as well as the potential rates. The second metric refers to new work or problems that you will have to deal with now that you have newly established clients. These fees are related to business activities that were not previously obtained from customers. The current value of the fee, as well as expected and potential fees over the next few years, must also be taken into account.
Third, you must also measure profits. These are the tasks that you can take back from your key competitors. Lastly, you should also include the new services that you are selling. Keep in mind the current year’s fees that you need to consider when setting up these new services.
With these metrics, you’re ready to build that business development scorecard you need to drive the necessary changes in place.