How to Choose your Business KPIs
Deciding on which business KPI metrics to use to track your company performance is not a task that should be considered trivially. It is essential that any managers willing to create the proper performance indicators for their business spend the necessary amount of time to correctly assess what they need to measure.
Even for a small business, being aware of its company performance is definitively a must have and should not be a task left for an external accountant or anybody who is not a stakeholder.
KPIs must be chosen based on your business activity. A basic principle to decide on the metrics you want to follow would be: “If it as to do with money or time, I want to track it”.
Business KPI list
As a business, thre are many KPIs you want to follow. The first pitfall would be put every single KPI you want to track on the same dashboard. Instead, you want to organize your business metrics by company functions: Marketing, HR, Finance, etc.
Here are a few examples of performance indicators you want to set up for your company:
- Finance: Profit Evolution, Cost effectiveness, Sales by Region, Profit margin…
- Marketing: Cost per lead, Conversion rates, Click through Rate (CTR), # of Impressions etc.
- HR: Turn over, Average Time to Recruit, Recruitment Source Ration, Cost per Hire etc.
If you are building dashboards for your company, make sure you have the proper insights about each functions and don’t hesitate to book a meeting with the head of each department to avoid missing an important information.
Discover more about KPI metrics with our other guides :
Business KPI template
Knowing how close you are to reach your objectives at a glance by using the proper Business KPI Template is the other half of the battle.
Make sure you are reaching your company goals and not wasting your time doing so by using proper dashboard templates. If you have never build a business dashboard, feel free to take a look at our examples pages; or even directly within ClicData. We have many templates available that you can import, tie to your business data, and make your company directly profit from.
If you’d rather build your business dashboard by yourself, here are a few tips:
- Do not cram a dashboard with too many KPIs, keep them focused on one aspect of your business. Spending a few moments on a proper design can go a long way.
- Don’t just drop your indicators on your dashboards, make sure its viewers can understand a key indicator by just quickly glancing at it.
- Make your Dashboard relevant to its audience. A dashboard meant for a sales manager will go deeper in the amount of dedicated Sales KPI it will contain ( Sales by representative, Sales by Product, by region etc.) than it would for a general manager, who will be more interested in the general accomplishment of its business objectives.
Great and easy to use. Using ClicData has been a fantastic experience, the dashboards have been easy to create with great technical support if needed. We have also requested new features in the past which ClicData have implemented. Brilliant Platform. Brilliant Support.Matthew