One of the hardest parts of being in senior management is understanding why your business is under performing. Your employees might each have their own theories (and some might want to cut the budgets of others to save their own), but few of them can be confidently proven. This leaves many business owners struggling to decide what to do and making multiple changes until the business gets back on course. Even worse, this means that they’re not learning from their mistakes to prevent the damage next time. Here are three ways to gain more insight into your business so that you can identify problems immediately.
Set Up Website IT Monitoring Alerts
Image via Flickr by Andrew*
Many business owners understand the value of site monitoring, but few actually take advantage of IT monitoring tools to their fullest. These tools can track the performance of your website and provide alerts whenever there is a problem with the pages. Some tools even estimate the damage caused financially to the company during the downtime.
For example, Asentinel provides telecom expense management services, increasing more visibility into telecom services. This allows managers to allocate funds to provide additional telecom services or scale back where there is waste. Smarter spending means companies that can report a higher ROI and earnings at the end of the year.
Tweak Your Marketing Efforts With Analytics Tools
Marketing analytics tools provide insight on website performance from a marketing and design standpoint. They highlight where site traffic is coming from and whether it’s converting. By creating a few dashboards within these platforms, you can easily identify what went wrong on a sales day and where dropoffs in traffic are coming from.
For example, if you suddenly have a huge sales day, you might attribute the push because of a holiday, a specific promotion, or a new product. However, marketing analytics can prove that the increased traffic came because a blog or news site talked about your brand, and their audience went to your page to learn about your products. Without analytics visibility, the company would just re-create the promotion and then wonder why it didn’t produce the same results the first time.
Track Internal Satisfaction and Turnover Rate
Although many owners and managers track hard employee goals such as sales generated and revenue, fewer companies maintain a pulse on employee happiness. The cost of employee turnover rate is 15–20 percent of their annual salary, so failing to keep your employees can cost you thousands of dollars per employee each year. Even worse than losing employees is the cost of retaining under performing ones. These employees will barely hit their goals and then stop, instead of working their hardest to grow the company.
By measuring turnover and other factors such as employee satisfaction, you’re able to create a better work environment that makes employees happier and more productive.
Without visibility into an organization, management is left taking actions based on their gut feelings — which are often wrong. Furthermore, there’s no evidence around their decisions and no results that help the analysis after the changes are made. Without visibility, your company is doomed to fail.