The Benefits of Tracking Key Indicators in your Business

by Justin Woolich

Key Indicators allow you to track the health and growth of your business. By deciding what values are critical, then measuring them over time, you can determine exactly where you are in your progress towards your business development goals.




Most business owners would argue that they have a ‘good feel’ for their businesses. This is probably true but it is not sufficient to be successful. The Key Indicators in your business need to be defined and a schedule established to track and measure your progress towards them over time.

Key Indicators can be used to track both measurable and implied areas of your business.

Typical examples include:
  • Net Profit
  • Growth Rates
  • Customer Satisfaction
  • Production Rates
  • Market Leadership
To begin tracking Key Indicators in your business:

  • Consider where you are and where you want to be.
  • Determine the key areas that need tracking in order to get you to your goals.
  • Determine the range of values you will use to measure the Key Indicator.
  • Develop a description for the Minimum and Maximum values. This will assist you when measuringthe values.
  • Measure the current value of the Key Indicator.
  • Schedule a task for the regular measurement and evaluation of your progress with the Key Indicator.
You should share the measurement and evaluation responsibilities of Key Indicators with employees. You will find that once you start using Key Indicators to set the goals and parameters of your business, you and your employees will become aligned and begin working towards achieving them.

Be bold but realistic in setting the goals and there is a good chance you will reach and exceed what you have set as the best case scenario.

Business System Manager Allows you to define Key Indicators in your business also allowing you to create Tasks and Business Systems to ensure that the Key Indicators are measured and reviewed.


Sign up for a Free Trial of Business Systems Manager today and provide your staff with the tools they need and take your business development to the next level...



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