Hi, I’m Alex and this is the aptDigital weekly newsletter. Let’s use sales, marketing, and strategy to help your appliance repair business grow.
Pro Tip: Establish key performance indicators (KPIs) in your appliance repair business.
KPIs are quantifiable measurements used to gauge success. They help reach performance objectives, and are critical to building a successful business. But most important, you’ll be able to make better business decisions.
Here are two things you can do right now to start establishing your own KPIs:
Review your profit and loss (P&L) statements on a monthly basis. You’ll start thinking about, and seeing, your business different. This will also force you to start recording data in a way that’s needed to set up your KPIs.
Ask yourself “where do I want my business to be in 1 year?”, then ask the follow-up question “how can I measure this with the information found in my P&Ls?”. This will help you think about how to calculate your P&L data in a way to set up your KPIs.
Every business is different. But, there are a few standard KPIs that I recommend starting with:
Lifetime customer value. The average revenue that all customers (first-time and repeat) brings to your business.
New customer value. The average revenue that a first-time customer brings to your business.
Lead value. How much monetary value a new lead is worth.
Cost per lead. How much you pay to generate a new lead.
If you’d like help calculating your KPIs, then hit reply and let me know what you’re working on.
This Week’s Roundtable:
I host a free weekly Zoom call for appliance repair technicians and business owners. It’s a no pressure place/time to talk with each other about whatever’s on your mind.
