As part of Business Month May, we began a series on our site where we interview innovative companies, brands and individuals, to find out how their journey into the world of tech began. We want to know what makes their vision so unique, and how they believe their contribution to the technology and business community can really make a difference! So today, we're speaking to Netstar, a growing IT Support company in London, as they share their ideas of expansion and business growth through KPI management.
Q1. What is Netstar?
Netstar is an IT Support company based in Central London. Providing fully managed IT Support and Technology Consulting services. Founded in 2002 the company has grown significantly, now supporting over 100 clients based in London and the South East. Netstar’s core mission is Helping People Succeed Through Technology.
Q2. Recently Netstar MD Mit Patel, and Senior Strategist Malcolm Diack, delivered a presentation on harnessing the power of KPIs. What was the driving force behind that presentation?
At Netstar we continually review our processes, as we continue to grow. The use of KPIs across the board has enabled us to successfully track our performance and implement the correct changes as a result. We wanted to share this journey with other IT companies, as using KPIs effectively can significantly drive growth, as well enable and encourage a really positive company culture.
Q3. How did Netstar first begin to start establishing KPIs in their company structure?
We first began tracking KPIs in detail in 2010. Since then we have refined our processes and reporting structures. KPIs are implemented across the company, and everyone in each department has specific KPIs. As a result, we have been able to achieve double digit growth in revenue and profit each year.
Q3. How can SMEs begin to start harnessing KPI strategies in their own companies?
In order to implement KPI tracking across the board, you first need to figure out what is most important for you to track. To do this you need to think about what you need to know about different areas of the business. You then need to set benchmarks and communicate the KPIs you have set. You need to know where you have been in order to figure out where you are going, this is simple, but can easily be overlooked. Setting a benchmark will help you determine how much growth is even possible.
Q4. What have you found to be the biggest benefit for SMEs utilising KPIs in their company growth?
Collecting the right data allows you to gain an accurate understanding of the position your business is in. What kind of changes are needed to help fuel growth and how do you track that these changes are making a difference? KPIs are the answer.
KPIs help provide direction for an SME. They can help you meet your larger business goals, by drilling down on specific areas to determine success.
Q5. What advice would you give to SMEs who are cautious to begin monitoring KPIs?
By implementing KPI tracking you are giving yourself a clearer picture of how well your business is running. Think of it as a company healthcheck. KPIs also need to be agreed by more than just one person in the company, visibility should be part of the process.
Keep it manageable. If you are a small company you might not need or want to track too much, as the data needs to be managed and acted upon. Think about how much is realistic for you to be able to track. Decide for each department the key things you need to know about, and set how frequently you will track this.
Q6. Can the monitoring of KPIs be applied to individual employees as well as company performance?
Yes definitely. Using KPIs to measure performance, is a fair and accurate way to measure your employees’ success. The key to getting it right in this instance is to have a conversation with the individual so you are on the same page. They have to agree with what has been set for them. Having them in place is not only a great way to track performance, but it is also a way to motivate individuals by giving them goals to work towards each month.
Q7. What do you think is the biggest challenge facing SMEs in 2018?
The topic that has been on everyone’s radar for quite some time now, GDPR. Ensuring that your business is compliant with the new regulations is paramount in protecting not only your own business, but also that of your customers and suppliers. Data security is crucial to keeping your business safe. SMEs are the most at risk of going under as a result of heavy fines from regulatory bodies, or ransoms from hackers. Ensuring the security of your data should be a top priority for any SME in 2018.
Q8. Would you recommend implementing KPI tracking to all SMEs, regardless of their industry or sector?
Yes. The specific KPI will change dependent on industry or sector, but the need to measure it does not. Collecting real, accurate data on your business is crucial if you want to keep up in today’s data driven world. This is true regardless of company size, or industry. The outdated notion that small businesses don’t need to be data driven in the same way as larger organisations is now very much in the past. With access to so much information, deciding what measures to put in place and what data to collect on your business can help boost a company’s growth exponentially.
To find out more about Netstar services, check out their site here: https://www.netstar.co.uk or drop Marketing Manager Sarah Robinson an email at: [email protected] to get in touch.
Posted from my blog with SteemPress : http://rolleragency.co.uk/blog/guest-post-netstar/