Most of us have heard the saying “ It’s hard to manage what you don’t measure”. This holds especially true in business. Having timely, accurate, and actionable data about the performance of your business is key in making good decisions.
I’ve found that a number of owners aren’t quite sure where to start when it comes to measuring performance. Here are some categories that you can start measuring the most important data in your business that tells you whether or not you are performing well ( Key Performance Indicators):
Sales, Marketing, Financial, Operations, Production, People, Suppliers, Innovation.
Each of these categories have more specific areas to dig to measure. Depending on your industry or specific business, you will want to pick the top 5-10 KPI’s to get started. Once you’re mastered collecting, monitoring, and acting upon those numbers, then it is time to add a few more.
Here’s a list of more detailed categories of KPI’s that you can start to measure: