Your KPIs or Key Performance Indicators are the metrics your team uses to see whether they’re on track. Will we finish the project in time? How well do our current numbers match our goals? These are important questions your organization needs to ask. But when your employees don’t have access to KPI data, they have no idea whether they’re close to achieving their goals or way off base.
Every company needs to track and measure how well it is doing compared to its stated goals. But how can your company identify which metrics you need to monitor? The specific targets you set and Key Performance Indicators you measure will depend on your organization’s industry, but the types of metrics described below can help you define your KPIs and get tracking.
For many leaders, it's difficult to take a step back and delegate your work effectively. Especially as the founder of a company, the desire to micromanage your team members can be overwhelming. When your company started, you may have been the sole employee, or one of a few. You're often used to overseeing every single task and ensuring that things get done your way. But for lasting success, it's important to nip micromanaging in the bud, so that your employees can maximize their professional development and you can make the most out of your time.
Team alignment can help your company scale up fast. When your team isn’t aligned, executing your goals becomes incredibly difficult. Find out why your team isn’t aligned and how it’s holding you back from success.
Fact of life: business leaders need to track their company’s progress. While it’s easy to identify vague, lofty ideals of where you want your organization to be, you still need several quantifiable metrics to realistically gauge how your business activities compare to your initial goals. This is where the KPI comes into play. Follow these 4 tips to define KPIs for your company and use them to visually track your progress.