- Identify your business objectives: KPI goals should tie back to your core business objectives. So sit down with your team and make sure everyone is on the same page, to establish what key areas need to be measured in order to drive growth and success.
- Consider all stakeholders: Different stakeholders in the business likely have different performance metrics they’re responsible for. So make sure you get a holistic view across all stakeholders, to ensure that you have the right KPI’s in place.
- Analyze past performance: Take a look at the data you have collected over the past period, and focus on trends, correlations, and other data points to help inform your KPIs.
- Consider operational constraints: Whenever selecting any metrics, consider what kind of additional operational overhead they might come with.
- Identify the right measurement technology: KPIs are only as effective as the platform you choose to measure them. So make sure that you’re selecting the right tool for the job.
A Guide To Choosing The Right KPIs For Your Business
January 19, 2023