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Use Key Performance Indicators (KPIs) to boost your business

Jennifer Mea by Jennifer Mea
August 5, 2022
in Business
Reading Time: 2 mins read
Crestpoint Consulting- Jennifer Mea (Use Key Performance Indicators (KPIs) to boost your business)-d15431e2
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Key Performance Indicators are an excellent measurement tool that helps businesses understand how well they’re doing. A key performance indicator measures the success of an organization or project. It shows whether you’re meeting your objectives. As a business leader, you need to know what kind of results you want to achieve, and then set up key performance indicators to measure those results.

Types of Key Performance Indicators

KPIs can be set on a team basis. Here are useful points about KPIs:

  • Sales’ KPI will be completely different from Human Resources’ KPIs.
  • There are also many variations in the type of indicators you can measure, such as quantitative vs. qualitative.
  • Some KPIs can predict future performance, such as website traffic.
  • Lagging KPIs describe results that happened in the past.
  • Input KPIs measure assets, time, and resource requirements to complete an action or project.
  • Process KPIs assess the efficiency and productivity of your business.

How to structure your KPI

It’s fairly common for business executives to make the similar mistake of combining business metrics in with KPIs when it comes to management or reporting. As a result, many important business metrics are simply lost in reporting and other areas. It’s important that you remind yourself of the differences between the two areas: metrics and KPIs. Metrics relate directly to measurable features whereas KPIs relate directly to an important business outcome that needs measuring as well. Remembering that distinction will help to make sure your most valuable metrics are not overlooked by making sure they do not become “KPI-adjacent.”

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Define the performance measures you will use to monitor your business success. By now, you should have everything in place to get started with structuring your KPIs. Build them, set them in place and get the real results coming in for regular review.

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Jennifer Mea

Jennifer Mea

I am CEO of Crestpoint Consulting, business educator and mother of two. A natural problem-solver not afraid to dig deep into all aspects of operations and accounting & finance. With an eye for big picture goals, I work to continually improve procedures—. Great passion providing support for elderly and sick children and avid supporter of the Red Cross. New facets of business processes and work across all levels of an organization. Futuristic vision and realistic senses of business acumen with forward looking information on new ventures or challenges which enterprises embarks on

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