It is a wonderful journey for a company to go through a high growth phase. Revenue is skyrocketing. The Human Resources manager is busy recruiting. Teams are working at full capacity. Performance monitoring is the last thing folks would think about.
For a growing company, it is important to monitor performance because the data provide useful information for gauging where the most urgent needs are.
For example, onboarding new clients for a wealth management company involves different areas. The financial planner collects information on client’s investment portfolio, the account administrator sets up the account, the compliance clerk reviews client’s risk tolerance, and so on. Without monitoring the performance of each area, it is difficult to gauge where to add more manpower or which tasks could be streamlined. Essentially, you need to know where the weakest links are and address them.
In a growing company, performance monitoring tends to be overlooked because budget is not as big an issue. Just like any sound business, performance monitoring is an essential necessity for gathering intelligence that helps you better manage the business.