In a recent survey (June 2016) we asked Peter Spark the Managing Director of IRP a number of questions and he's happy for us to share his replies. Peter's company have been participants since 2014.
What"s your most used report and what do you get from it?
GP per Income Producer, it's our most important productivity measure
What reports do you share with others?
GP per income producer, GP per $ of income producer remuneration, temp hours processed and our company GP
How do you feel about the peer group comparisons?
These enable us to objectively set benchmarks for our team and within our business. We track several metrics including the key recruiter productivity measure of GP per income producer. We share these at least every month with the Team so they have a good idea of their performance relative to their peers in the industry.
Do your reports encourage you to develop different strategies to improve business performance?
One of the main strategies is to simply help the Team understand how they really stack up, nobody enjoys being below average or even average, they aspire to greater performance. That realisation is quite a good strategy on its own but the reporting also highlights other areas which with an action plan, will drive improvement in profitability. For example, we have a program which involves reducing one fixed cost per month. The SIM data enables us to monitor the effectiveness of that strategy over time.
Have you used the dashboard in meetings or with the team, if so what was the reaction?
At first, shock that some individuals are performing well below the industry average. Also at times, as a Team, we are at or below the industry averages and most want to be part of a Team who are in the top 10%!
What's been your experience of using the new Budget and Forecast functionality?
We've just starting using the Budget information and it certainly helps to quickly identify whether we're on track. I think the budgeting and forecasting functions will be invaluable, particularly in tracking our performance and results. With the data and performance of the past, we'll be able to more accurately set the next budget by identifying areas or times during a financial year where we've been overly optimistic!
How are you finding the freedom to create your own reports?
Early days, but the flexibility to effectively write your own reports with filters applied and track what's relevant to the business is a real winner.
What is the major benefit to you in using our platform?
The primary benefit is that we objectively understand how we compare to the industry. The other benefit is that we're able to manipulate the results in a way that enables us compare our results against our own benchmarks, periods of time and present this to our Team.
Have you had reason to doubt the security or integrity of our platform?
It's not been a concern because of the numerical naming convention you've used to identify businesses. And the industry data we see is aggregated, so it's impossible to narrow down an individual business. Plus, Nigel and Deb have a long and trusted reputation in our industry.
Are you happy for us disclose this information you have shared with us?
Yes, more than happy and any prospective new participants should feel free to contact me!