Benchmark Business Group

Measuring Productivity Doesn't Have To Be Hard

June 1, 2021

How do you know if you’ve had a productive day? The Financial Services industry moves fast. There is never a shortage of work to be completed. It’s easy to be busy, but are you busy doing the right work? The work that will move your agency closer to its goals?

We’ve written insights before on how easy it is for service work to take over. And while important, service often gets in the way of a leader being able to work on the business, spend time prospecting, complete sales, and more. But how do you know if you’re spending time on the wrong work items?

There’s no one answer, but solutions often include understanding and tracking your metrics. Those metrics might include:

  • How many sales meetings did you have today?
    • How many for Life?
    • How many for Wealth Planning?
    • How many for Property/Casualty?
  • How many people did you talk with?
  • How many no’s did you collect?
  • How much time did you spend working on your business?
  • Did you progress on your Top Three Priorities?

You might notice most of the metrics are about activity and not results. The results will come if you do the right activity. And, in this industry you probably already track your results closely.

Once you have defined and start tracking your activity metrics you can easily turn the metrics into a daily or even weekly scorecard. This is as simple as assigning points to each metric and then grading your level of activity for each of the metrics. For instance, you might want three sales appointments per day. Because sales appointments are valuable to your business you might assign each a value of five points. That means you have 15 points available for sales appointments.

To keep it simple you can divide the total amount of points you earn by the number of points available. There’s no need to try to make it equal a certain number, such as 100. The percentage will allow you to see if your day is productive or not.

The great news is this will not only work for you, but also for other members of your team. The gamification of tracking activity works well with teams, and provides a visible, fun way to track success. There is no point in wondering if you or your team’s day is productive when it can easily be quantified.

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