BIG BLOG
Key Function Flow Map?
BY JEFF REDMON/BREAKTHROUGH IMPACT GROUP
How You Make Money. Your Key Function Flow Map (KFFM) is a visual depiction of how your business makes money. It traces the key functions from bringing in leads, converting sales delivering your product or service, billing, and collection.
Great Insights for Strategic Execution. By specifically identifying each step in how your organization converts prospective customers to money in the bank, you will gain incredible insights for continued improvements.
KFFM Steps.
1. Identify Key Functions, often:
a. Marketing
b. Sales
c. Production Product or Services
d. Delivery
e. Finance, Billing, and Collection
2. Who’s Accountable? Lots of people may contribute to making each function happen but who is the single person accountable to the leadership team to make sure it gets done.
3. Metrics? Once we have the functions identified and accountability determined, what are the key metrics that tell us we are moving our widgets through our KFFM?
a. Marketing: What are the numbers of leads coming into our flow map? How many market qualified leads (MQL) are marketing delivering to sales?
b. Sales: From the MQL how many contracts are sales getting signed?
c. Etc.: For each function what are the metrics coming in and coming out?
4. Red, Green, or Yellow? For each function is performance on track Green, not on track, Red or making progress but not there, Yellow. This adds to the quick visual of where work needs to be done.
5. Continual Improvement. Once you have a baseline of metrics, the person accountable and their team can work on making improvements. Just 1% a week and in a year, you have a 50%+ improvement.
Guaranty!!! If you take on your Key Function Flow Map with fidelity, you will gain great insights on how to grow your business with more ease, speed, and confidence.