Phil Morgan’s excellent analysis of “Learning from regulatory downgrades” looks at over 100 governance downgrades from the last five years. The key theme he identifies is that it is essential to ensure that your organisation develops good governance.
Key Performance Indicators (KPIs) are useful tools to keep your business moving and growing within a strict timeframe. Setting decent goals is crucial to success. However, these numerical or qualitative goals should be scaled appropriately to the size of your business. It's no good setting an enormous percentage turnover target if you're a one-person trader. Likewise, large businesses should avoid setting their sights too low by underestimating what they could attain. Here are the main differences between large and small-scale KPIs.
Key Performance Indicators (KPIs) are great tools to set quantifiable objectives for your business. However, you must pick the right KPIs that fit in with what your business does, how it does it, and how it might be able to do it better. How you'll do this depends on what you're aiming to get out of your business in the near future. Below are our tips on how to set effective KPIs for your business.
Data gained from Key Performance Indicators (KPIs) is great for giving your business tips as to how it should grow and improve. However, like all good advice, you have to be prepared to take the hints that KPIs give you and implement them properly for the system to work. Matching the demands of a new KPI aimed at expansion or diversification will also require some major infrastructural changes.
Management can be difficult. The main problem is that you are essentially in the dark as to how successful your efforts are at any one time. Key Performance Indicators (KPIs) can cut through the fog. Through providing accurate and measurable numbers that illustrate the current performance of your business and targets for further growth, a good selection of KPIs can oil the cogs of any business, large or small. KPIs allow you to direct workflows, check up on sales, and keep an eye on staff performance. Here's how you can use KPIs to improve your business management.