Measuring business performance for the small to medium sized credit union - Part 2
What measures should small businesses consider using?
Are there measures that can be reasonably obtained at varying intervals through the year without adding inordinate amounts of cost to your operation? Absolutely. Here are some you can consider as your starting place:
What measures can be affordably and reasonably obtained on a regular basis?
FOCUS AREA: People / Comunity / Education
- Employee Satisfaction Survey
- Retention / Turnover rates
- Educational Program Usage
- Community Support
FOCUS AREA: Customer / Market / Brand
- Customer Satisfaction Survey
- Market Share
- Wallet Share
- Brand Attribute Importance/Performance Matrix
FOCUS AREA: Business / Operations / Innovation
- Enterprise Risk
- Efficiency Ratio
FOCUS AREA: Financial
- Reserve Levels
- Profitability
- Loan Growth
- Deposit Growth
Once you have your measures:
As part of the implementation process, quantify the following and make sure they are signed off by both your board and management team. What impacts the results and what the results mean will be more consistently interpreted if this is discussed up front and reviewed at reporting time.
- Measure name
- What are the drivers for this measure? (used to determine what the results mean)
- How is it measured?