How do you know if your business is on track with your goals? If you’re not where you want to be, how do you know what will take you there? This is where Key Performance Indicators (KPIs) are important for your business.
KPIs represent general performance and overall efficiency and you should measure them regularly. Information from various areas of your business helps you tell how well you are tracking against your business goals.
How do you measure success? To run your business as efficiently and productively as possible, you need to measure your performance. There are key components that you can look at to figure this out.
To identify your KPIs, ask yourself some questions. It may not always be obvious what the measures of your success are.
‘The right approach to performance measurement is like gravity. It pulls our attention and action toward a centre, toward the most important things we should focus on and improve.’ – Stacey Barr, performance management specialist.