How to Set and Track Growth Goals
Any business owner will emphasize the importance of identifying and setting growth goals. That’s true of an iTrip® franchise, too. As our franchisee, you will oversee your property management franchise opportunity, focusing on objectives, caring for travelers, growing your client base, and networking with your community. Tracking your growth as a business owner isn’t just good for your bottom line; it’s critical to staying responsive and relevant. One of the best ways to do this is to use Key Performance Indicators, or KPIs.
What is a KPI?
A Key Performance Indicator is a measure of quantitative or qualitative performance to gauge the success of projects, processes, and campaigns. KPIs track performance and progress toward a specific goal over time, helping to keep important business objectives front and center. Setting and tracking KPIs helps you determine exact numbers and provides a clear understanding of how well your short-term rental property management franchise performs. As an iTrip franchisee, our team will help you develop a KPI strategy that yields specific results.
Developing Your KPI Strategy
Creating a KPI strategy starts with identifying which specific indicators you wish to track and measure. It’s important to narrow down your KPIs to help you recognize what’s working and what might need improvement. Depending on the type of business and industry, your KPIs may differ.
Additionally, KPIs can be categorized by what they measure. For example, process KPIs track how well a new process is working. Directional KPIs track overall company performance. Input KPIs track what resources a business needs for a particular project or process to be successful.
Below are a few you might find useful as an iTrip franchisee:
- Client growth: What percentage of client growth do you see each month? What is your target number? You can use revenue over a set time period to help gauge client growth.
- Brand awareness: How many people know about your iTrip franchise? How do they find you? Among other ways, you can track your social media platforms and/or website to measure this KPI.
- Customer service: How quickly do you respond? How do you address problems or issues? How flexible are you regarding special requests? You can use client reviews or surveys to gauge this KPI.
Our Business Model Sets You Up As An Expert
Our property management franchise opportunity comes with a time-tested business model complete with technology that will allow you to manage your business. The iTrip business model provides you with a competitive advantage and important features that include the following:
- Rate management tools to set pricing, boost revenue, and adjust rates
- Integration with listing sites, so properties appear on dozens of platforms, including Airbnb, Vrbo, Booking.com, Google, Marriott Homes and Villas, and other websites
- The ability to send emails automatically to guests after they’ve booked a property and to communicate directly with property owners and guests
- A system that pulls reports and statements to help with month-end accounting
iTrip’s property management software allows franchisees to provide boutique service to property owners and their guests, making it easier to meet their KPIs!
The iTrip team is ready to answer questions about our short-term rental property management franchise, so reach out today!