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Do You Know Your KPIs?

January 31, 2017

 

If you're a small company that wishes it had better information to run the business, you're not alone. Getting the right information out of your business on a timely basis can make all the difference in the world. But finding the information and determining the Key Performance Indicators (KPIs) of your business has its challenges. Let's take a deeper look into the; Who, What, and When of KPIs, and how to get started.

 

Who will do the gathering? Think about the different areas of your business and the folks that are in charge. Sit down with each of them and discuss the important information they think would be helpful to them and to you. Start with no more than 3 KPIs for each person.

 

What needs to be gathered? Think about all the data that your business produces. Within that data will be very useful information that can be turned into KPIs. It will take you and your team time to understand how to turn this data into great KPIs, but well worth the effort. It will take even more time to figure out how to gather the information in the best way.

 

When will the KPIs be reviewed? If you aren't in a distressed situation, reviewing the KPIs on a monthly or quarterly basis should be sufficient. Ask each person to provide some written analysis on their KPIs. Bring the team together to share all the KPIs with everyone.

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