Key Performance Indicators (KPIs) are the most important metrics at your business. They measure the health of your business and drive all major strategic decisions you make. As a result, choosing those KPIs is one of the most critical decisions you will make.
It’s harder than it sounds! Any business has dozens of potential KPIs to choose from, ranging from revenue to margins to customer satisfaction. Tracking too many KPIs will lead to confusion and a lack of clarity about how you are doing at any point in time. If you have a dozen KPIs, it’s likely that on any given day half of them are up and half are down, so you could get mixed messages on your business!
How do you choose a small handful of metrics that will be critical to your business? This week we’ll walk through how to do that and what to consider along the way. Specifically we will cover:
- Part 2 – Vision, Goals and Metrics
- Part 3 – Five KPIs
- Part 4 – Good vs Bad KPIs
- Part 5 – Changing KPIs
Tomorrow we’ll get started with the most important consideration: your vision for the future.
Quote of the Day: “Every line is the perfect length if you don’t measure it.” – Marty Rubin