Mastering KPIs in Coaching: The Secret Sauce for Business Growth

How I doubled my revenue in 6 months by implementing KPIs

They sound as dull as dishwater, right?

But trust me, Key Performance Indicators (KPIs) are the secret sauce to growing your business.

Now, pay attention to these steps; this stuff is gold.

Here's what the KPIs showed me:

1. I was working with the wrong type of client
   I'd been working with startups instead of business owners. I get it; everyone has to start somewhere, but our dream client is an established coach or training company that we can help build, grow and scale.
   
   
2. I was buried in systems rather than focussed on growth
   Our tech was a train wreck, and I spent more time fixing it than doing what I do best. Once we implemented Kajabi and got rid of the redundant bum-fluffery, I had more time to build relationships with our ideal clients.
   
   
3. We'd had no real targets and the business was treading water
   I got super clear on what our ideal client looked like as well as the growth of the business month-on-month. I made both of these non-negotiable.
   
   
4. I was trying to do everything myself
   And I was burning out. Once we built our team, EVERYTHING changed, I had more mental capacity, we had the resources to scale, and I started loving life again.

I'm not a numbers man; I prefer building relationships and the creative side of solving our client's problems.

But numbers are essential, and when I finally implemented KPIs, everything changed, and the business started to grow.

Now, let's talk about scale.

Once you know what's working and what's not, you get rid of the stuff that doesn't serve you, and you triple-down on that which does.

So, how do you decide what to implement?

Here are 5 Essential KPIs for Coaching Businesses

1. Client Retention Rates: Happy clients stick around. Unhappy clients don't. Simple.
   
   
2. Revenue Growth: Money talks. If your revenue isn't growing, you need to know why. (Ask me about the 5 Why's method).
   
   
3. Client Satisfaction: Use surveys or feedback forms. Happy clients are your best adverts.
   
   
4. Conversion Rate: How many prospects turn into paying clients?
   
   
5. Session Utilisation: How booked up are you? Empty slots could mean it's time for a marketing push.

Actionable Steps to Implement KPIs

• Start Simple:
  Example: Choose two KPIs, such as 'New Client Sign-ups' and 'Client Retention Rate.' This helps you focus on attracting and retaining clients without getting bogged down by too many metrics.
  
  
• Set Clear Targets:
  Example: If your current 'New Client Sign-ups' are at 5 per month, set a realistic target to increase this to 8 per month over the next quarter. It's specific, measurable, and attainable.
  
  
• Regular Reviews:
  Example: Block an hour in your calendar every first Monday of the month to review your KPIs. Use this time to analyze trends, celebrate wins, and identify areas needing improvement.
  
  
• Adjust as Necessary:
  Example: If you notice your 'Client Retention Rate' is dropping after three months, it's time to investigate and implement a new client feedback system or review your coaching methods.

KPI Tools for Coaches

There's a tool for everything these days. Look for KPI dashboard tools like Tableau or simpler ones like Google Analytics for your website. There's no need to overcomplicate things – remember, KPIs are here to make life easier, not harder.

Conclusion

KPIs might not be the most glamorous part of running a coaching business, but they are crucial for growth. Think of them as your business's health check-up – a little uncomfortable, perhaps, but essential.

When you're ready, here are 4 ways I can help you build grow and scale your coaching or training business:

1. ​Book a Free 30-minute Call with Me: If you'd like to know how I can help you take your business to the next level, book a free discovery call with me.

2. ​1-2-1 Business Growth Strategy: Book an hour, a package or a retainer where I'll use my expertise to transform your business into a streamlined success story.

3. Book a Kajabi HealthCheck: My 43-Point HealthCheck will take the guesswork out of running your site and give you a clear roadmap for growth.

4. Get your Free Kajabi trial: Diversify your revenue, build your brand, and turn your audience into customers with Kajabi.