KPI, or Key Performance Indicators are great for evaluating if your business is heading in the direction that you want it to.
When you are in the middle of something, it can be hard to see if what you are doing is good or bad for your business. KPIs are a way that you can evaluate the success of the activities you are undertaking. KPIs are a way to measure the processes within your business. You want to measure to know that the direction you are headed is the right direction for your business.
Measure Something Meaningful
You have to have a reason for what you measure. Your KPIs must provide a benefit for your business, to help you with decisions within your business. So, choose what is important to your business.
Make It Easy To Measure
What is easy for you is often not easy for other people. You will have to track your KPIs some how. There may be a service that you can use that will do the work for you, but a lot of KPIs will involve at least a little bit of input from you. So make sure you make it easy for you, something that is part of your process so that you do it, otherwise it is useless.
Change and Adapt When Necessary
KPIs are there to help guide decision making within your business. If not getting this benefit, change what you are monitoring.
Likewise, as your business changes and grows, priorities (and what works) changes. Don’t just continue tracking what you track because you always have. Track what is meaningful for your business now.
What KPIs Do You Track?
I’d be very curious to see what you track in your business! Leave me a comment below