Why are accounting firm business development KPIs so important?
“If you are a 100% dedicated business developer, the most important thing you should be measuring is revenue.” Jason discusses the importance of activity-based KPIs, and his top performance indicators for Business Developers in the podcast, but warns to be wary about hanging your hat on those alone. “Once you’ve had some ramp up time as a new business developer, you’re either there or you’re not.”
KPIs vs. Goals
More and more you see firms focus on strategy, and allowing Business Developers to drive or be heavily involved in the pursuit strategy instead of just knocking on doors. Along with that comes the challenge of measuring BDs’ impact on strategy; KPIs need to be tailored to the goals that are being set.
Business Developers and Partners should be on the same page. If your firm hired you to set up leads, that’s what you should be measuring. If it’s proposals, measure the number of proposal generated. Business Developers should take an active role in having a conversation upfront on setting goals and identifying KPIs, so that both the leadership and BDs are measuring the same thing in the same way.
KPIs and the End Game
Ultimately, performance indicators showing end results, such as revenue growth, are the final word. However, accounting firm business development KPIs that track the activity of the Business Developer allow firms to see what is working, and measure progress towards longer-term goals.
The Association for Accounting Marketing has a monthly podcast, AAMplify!, that covers a wide range of topics related to marketing and sales in a CPA firm. You can subscribe to the series via iTunes, Stitcher or YouTube.
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About Patrick Huegel
As the marketing manager at AAFCPAs, Patrick Huegel focuses on inbound marketing including attracting new traffic, conversions and lead nurturing. He’s a member of AAM’s podcast committee where he interviews subject matter experts on diverse topics