Useful Clues on Establishing Better KPIs Within the Translation Industry
I have already mentioned on numerous occasions, the significance of measuring and tracking the progress of your business cannot be overlooked. Meticulous analysis provides priceless insight into factors contributing to overall business success, making it also easier to effortlessly manage them. Determining indexes – also known as Key Performance Indicators (or KPIs) – constitutes the first step towards your rapid advancement.
What could go wrong when you’re up to a challenge of determining which KPIs would be actually helpful? You know your teams well, have been in this business for a while and there is a ton of things that could be effectively measured. The thing is, you do not need abundant data – you need precise and relevant information that could be easily transformed into valuable feedback and bring profit. Take time to identify these indicators and consider the needs of every team. Find appropriate KPIs for each of them.
Establishing your KPIs is far easier with the use of commonly known SMART set of rules, so let us explore these particular prerequisites:
Define precisely what does a given KPI measure – all co-workers that could contribute greatly to expanding your knowledge about measured values have to understand a particular indicator in the same way. Creativity is a gift, just not necessarily when it’s all about hard data.
Ensure that the defined KPI can be measured. Bear in mind that the obtained value has to undergo comparison with previously established results and aims concerning pre-set goals and budgets.
Keep goals challenging but attainable. As every KPI is measured against predefined aims, ensure that they remain achievable – this will keep your teams’ spirit and motivation high.
KPIs are there to serve a particular purpose – they have to provide measurable insight which stands in line with enterprise’s strategy. Irrelevant indicators are time-consuming and require someone’s attention… bringing literally nothing in return.
5. Time phased
The results of these KPIs shall be presented against a particular time framework – a previously settled and precise period of time.
Key Performance Indicators in Translation Business – how to make it work for you as well
Clear determination of your KPIs (and the SMART rules should always come in handy in case of any doubts) is just a beginning. Take time to consider whether selected indicators follow the strategy of your business. Start with providing an answer to one simple question: why do we even measure this? What’s the purpose of doing so? Language services demand production to be put in the spotlight. Hence your business strategy is mirrored in cost, quality and time, but there’s more: prompt delivery, return on investment of projects, as well as any complaints that were handled. There is no universal approach to KPIs; it requires time and practice to see what works best for your company. Try different options, measure various indicators and decide whether they prove to be useful to your business strategy; if not, do not be afraid to ditch them.
KPIs might contribute to great advances in your managerial efforts, but its real virtue lies within the image it helps to create among your competitors. Presenting such values to your business partners and clients increases your credibility and makes their work far easier – obtaining such data helps immensely in budget planning.
It has been repeatedly highlighted for years that in order to succeed and advance, you have to monitor your progress. Leaving it just to “let it be” makes entrepreneurs rest on their laurels and let their competitors leap forward. A precise and constant KPI analysis fosters constant strive for improvement as your employees understand clearly that a particular area of action contributes greatly to the overall success, motivating them to further work. When one’s efforts are being acknowledged, it’s far easier to achieve goals and excel in work. See how easy it might be to turn things around with just one decision: define these key performance indicators and let them speak volumes about your business strategy.