You don’t have to go to business school to hear the term KPI thrown around like it’s the acronym of the century. But what is a KPI, and why is it so seemingly important?
A KPI is defined as a Key Performance Indicator is a measurement of business performance. Defining the KPIs for your business will make sure that you are keeping yourself and your employees accountable, as well as focusing your team on achieving specific targets within a set timeline.
A good KPI is measurable. Whether your goal is a set number of sales per month, a percent increase in revenue, or more granular goals that are specific to each department in your company, the KPI that relates to that goal should include a number that you can track and compare based on actual data produced by your company. Keep in mind that a KPI is only about what has already happened, so while you might strive to improve your KPIs, it is more about measuring the progress you have made.
Contact M1 Core Traction today to get help finding the data and KPIs that will evaluate your company’s performance without any personalities, egos or opinions to cloud the issue.