Key Performance Indicators
Every business that I know has Key Performance Indicators (KPIs) to keep its sales and marketing teams on point to reach a certain level of quantifiable objectives for specific tasks.
How do you as an individual in your business utilise KPIs? This is an interesting article that profiles a professional stance of a KPI:
A KPI is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organisations use KPIs to evaluate success in reaching targets.
I know from personal experience that British Telecom used Key Performance Indicators to get the best out of its sales and marketing consultants, managers and senior management teams to increase sales and productivity in the business.
It helped us to focus on the bigger picture of the brand, and every week and month we had projected forecasts to help create, harness and hit targets.
SMEs, of course, are very different from multi-national blue chip organisations. Their core focus points will by nature be very different.
My thoughts can be summed up in the following questions:
1. What is your desired outcome?
2. Why does the outcome matter?
3. How are you going to measure progress?
4. Will it enhance your business by doing it?
I guess it’s a personal choice whether or not you begin the process of drawing up a KPI.
I’m keen to hear your thoughts on this process of KPIs. Let us know what you think of the article, and please share your experience with us. Do you have key performance indicators in your company, and how are they utilised?
Post your ideas of a KPI to our Inbox!
Written by Sonny Cutting – Sussex Business Show