Trust Issues 🥺

NUMBERS GAME

Build high performance teams with KPIs

What’s this about?

It’s about one of the most undervalued tools to train and maintain high-performing teams: key performance indicators (KPIs)! AKA metrics that measure how well your business is doing.

Why do they work?

Plainly put, businesses who use KPIs have more predictable outcomes because they help owners make better-informed decisions about the future. That way, business leaders can assign the right tasks to the right teams to drive results.

Plus, using KPIs leads to better relationships with employees because they help to accurately measure each employee’s performance and directly pinpoint areas of improvement. Meaning, KPIs make feedback more objective and useful.

Can I see an example?

Your sales team’s close rate (or percentage of deals closed from sales calls) is a great example of a KPI. That’s because that number gives you a concrete idea of how your sales team is performing.

So, how do I supercharge my team with KPIs?

Here’s what Alyson Caffrey, founder of Operations Agency, advises her clients to do:

• Get buy-in. Meaning, everyone on your team should agree that the KPIs you’re tracking are important. The best way to do this is to have your team list what metrics they believe are most crucial to the business. Then, create your list of KPIs from there.
• Have each employee own a set of KPIs. Alyson suggests each employee owns at least 3-5. That way, each person is clear on what they’re shooting to achieve. And they’re held accountable for driving results.
• Use a scorecard to track progress on your KPIs. Use Google Sheets or Excel to create a spreadsheet that measures how well your KPIs are doing. A best practice is to update the scorecard weekly. Because if your KPIs are moving in the wrong direction after a few weeks, you’ll be able to quickly make changes to turn the ship.

👉 Learn what KPIs you should be tracking.

LACE UP

Taking Zoom on the go

Give me the scoop.

Here’s an idea to consider starting in the new year: walking meetings, which can help employees feel healthier and more focused on their work.

What’s so bad about regular meetings?

Consider this stat: the average office worker spends 75% of their waking hours sitting. And health studies have shown that sitting for extended periods of time can be bad for your health. Sedentary behavior has been linked to weight gain, diseases like type-2 diabetes, and the risk of early death.

And while knowledge of the dangers of sitting has contributed to the popularity of standing desks, staying on your feet all day has its own detriments.  

So, employee wellness advocates have been pushing for a simple way of combating the negative impacts of sitting or standing all day: the walking meeting, where employees are in motion as opposed to sitting in the office or on Zoom.

What’s so great about walking meetings?

According to Greg Caplan, the co-founder and CEO of Spot Meetings, years of work walks have left him feeling healthier and more productive. Not only did these walking meetings help him lose 30 pounds, they helped him stay focused on the conversations he was having.

By removing himself from the allure of his open browser tabs and staying focused on the act of walking, Greg was more engaged in his meetings. In fact, his love for his work walks led to the creation of Spot Meetings, a tech startup that hosts, records, and transcribes walking meetings.

How do I start my own walking meetings?

Unfortunately, not every meeting should be a walking meeting. Taking your meeting on the go might not be the best option for high-stakes presentations or first-time interactions with new business partners or clients.

Greg recommends using walking meetings for those that don’t require sharing many visuals. They work best for brainstorming sessions or meetings with close connections.

Also, stick to familiar walking paths for your first forays outside. That way, you know how to avoid high-traffic areas and dead zones. Just remember to look both ways before crossing the street. 😉

TRUST TO LOYALTY

Big-picture trust strategies for 2022

How important is trust in your company?

Super, according to an end-of-year trust in businesses survey by PwC. In fact, the study revealed that almost half of consumers have started purchasing or increased purchases from a company because they trust it.

And trust doesn’t just affect your relationship with customers. It also impacts staff loyalty, as 22% of employees have left a company because of trust issues.

But, how exactly do you define “trust” when it comes to your business?

What everyone agrees on

Business leaders, consumers, and employees all listed the same top four foundational elements that define trust: data protection and cybersecurity, treating employees well, ethical business practices, and admitting mistakes.

And the easiest actionable item for small businesses owners: invest in your people. Because ultimately, this will help you retain loyal team members and customers, who both value employee treatment.

But given that 88% of executives reported higher turnover than normal in 2021, many companies are likely missing the mark in cultivating employee loyalty. So, what’s the disconnect here?

Are businesses doing what it takes?

Though business leaders acknowledge many key items to fostering trust, they’re being called out for talking the talk but not walking the walk.

For example, a top trust driver for consumers is accountability. But only 56% of business leaders deemed accountability as “extremely important.” And only 46% of employees report their company actually implementing accountability measures.

Small business leaders need to leverage the personable nature of their organizations to fill any gaps between what customers and employees need to develop trust and what’s actually executed.

Where to start building trust

The first concrete step you can take to build trust in your business in 2022 is defining what trust means for your organization. This includes what trust means for your leadership, staff, and customers.

That way, it’s much easier to implement key trust-building actions. Which will grow into the customer and employee loyalty you need to scale.

👉 Learn 4 ways to build trust.

TL;DR

This week's highlight reel

• Planting the seed. In 2021, investors put $93B into seed-stage and early-stage startups, more than 3 times the amount from 5 years ago. Meaning, many investors see a lot of opportunity for growth in the startup sector.
• Head-to-head. TikTok is taking on music streaming giant Spotify with the release of its own music platform, Resso. With 75% of US TikTok users finding new music on the app, the company wants to direct its users to its own music platform, rather than Spotify.
• Grounded. Over 15,000 flights across the US were canceled in the time period from Christmas Eve to January 3. The main reason: winter storms at key airline hubs in Chicago and Denver. Plus, staff shortages caused by an increase in COVID positive cases.
• Say no more. The annual Banished Words List from Lake Superior State University has been released, highlighting the words and phrases that have been overused in 2021. Some of the list’s entries include “circle back,” “you’re on mute,” and “supply chain.”