Key performance indictors (KPIs) are, as the name would suggest, indicators that show how your business is preforming. Each business will have a unique set of KPIs as they reflect both the business and the personnel involved in that business.
KPIs are a way of measuring the performance of the business (or occasionally an individual) against a set standard in a way that can be repeated to monitor the progress and performance of that business.
Why measure KPIs?
We can measure KPIs for a number of reasons:
As you can see KPIs are very flexible tools and your KPIs will be as unique as your business. If you consider your business strategy to be a road map to take you from where you are now to where you want to be the KPIs are milestones along the way. They allow you to monitor progress and see where you are and how you are getting along. Your KPIs will reflect the essential essence of your business. In the same way your mission statement encapsulates the values of your business your KPIs will monitor what drives your business.
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