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.
Your company has decided that you’re ready to start scaling up, and you want to make sure that you choose the right business management platform with all the features and tools you need. Here we’ll explore some of the most important questions you should ask when comparing different platforms and types of software.
These days, a company dashboard is a necessity. A personalized company dashboard allows team members at all levels to view real-time data about their company and how it’s progressing toward its goals. This visual representation of your data can be extremely useful for execs as well as employees in various departments and roles.
What’s a BHAG? BHAG refers to a Big Hairy Audacious Goal, a term coined by business consultant Jim Collins and organizational theorist Jerry Porras in their 1994 book Success Built to Last: Creating A Life That Matters.
Why should this matter to you? Company leaders across the world claim that choosing the right BHAG, a goal your company should strive for 10-25 years in the future, is immensely important. If you identify your BHAG early on in your planning process, you can set your company up for lasting success down-the-line.
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.