What is a KPI?

Here are some examples of how KPIs can be key to measuring your business success.

A KPI stands for Key Performance Indicator. These are tasks selected by the business or agency that reflect important measures of growth and success for that business. KPIs tend vary from company to company and can also be different from department to department based on the focus of the industry. i.e. A collections agency can have different departments that focus either on consumer debt or perhaps medical or education. Each department could have different KPIs as a measure of their success. 

The KPIs could be as follows:

  • Green Money - Money collected by an agent within that month.
  • Red Money - Money received through structured payback deals made in previous months.
  • Recovery - Renegotiation and collection of money by an agent after an initial deal had fallen through.
  • Production - Overall monies collected and secured deals can be a Key way to evaluate how well rounded an agent. This can help to guide future training to create rewarding career paths.
  • Out-Bound Calls - While this isn't as strong of a measure as collected money, some agencies like to track this Performance Indicator (PI) and make it a Key way to evaluate agent performance (KPI).
  • In-bound calls - While this again isn't as strong of a KPI, it's a great way to view agent initiative and hustle.

These are just a few of the many ideas in making tasks key and measurable to your business success.