Key Performance Indicators are measurable values to help companies ascertain how close they are to achieving crucial business objectives and help to set short-term tasks and goals to feed into the longer-term strategy. KPIs are essential for helping to establish business’s overall performance levels and to help assess business activity over a period of time.
Rather than just being a bland, generic statement or objective, KPIs are a mode of communication in order to succinctly and clearly transmit the direction of the business and to help formulate a strategy to ensure it meets all necessary objectives.
In order to set KPIs, you have to consider:
- What outcome you want for your business?
- Why is this goal important to your business?
- How you will achieve this goal?
- Who is responsible for this?
- How will you know you have achieved this?
- When must this be achieved by in order for the business to be successful?
After a certain amount of time has passed, you need to be prepared to invest the time to analyse your progress towards your goal, using feedback from all parties involved and establish what the next steps are – if you need to re-evaluate your original plans, change your strategic course or continue doing what you are doing in order to positively reach the KPI. Consequently, KPIs function effectively in helping to optimise and improve team performance.
Rather than setting vague and random marketing KPIs that rely on vanity metrics, for instance achieving a certain number of social media followers, the BOSS DIGITAL team will work with you to establish clear, concise and actionable KPIs to help you achieve your business goals.
To help you create the best possible Key Performance Indicators, contact hello@boss-digital.co.uk.
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