It's official! 60% of SME's don’t track any Key Performance Indicators (KPI) at all.
In a recent CoachSME Linked In survey, almost 2/3rds of respondents confirmed that monthly KPIs are non-existent in their business. At the opposite end of the spectrum, 20% of businesses track more than 15 KPIs each month.
So, who is right? Well, certainly all of those businesses who do at least measure some of their performance. By tracking performance these businesses have the ability to adjust their activities if something is going really well or where performance is dipping. But just how many KPIs you track depends on your business and your appetite to really know what is happening in your business.
Additional Information : 3 Pieces of Paper & Financial Plan
If you don’t know where to start then think about your business objectives. For example, if your target is to increase turnover, profit, customers etc. then this will indicate which numbers you need to track. Here are three categories to help you focus your thoughts:
So start 2013 with some meaningful KPIs, then make it a habit to track them.
What are your most important KPIs?
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