What are KPIs and who need them?
Key Performance Indicators or KPIs, are simply a dashboard for your business, reflecting how healthy your performance is through selected indicators
Think of a car dashboard, are there any cars today with no dashboards? Well mostly No, whether it is an economy car, or a luxury expensive one, they all need the dashboard, why? Simply because we won’t be able to tell if our cars are running low on fuel, or getting hot, or something wrong with the engine, and now a days your dashboard tells you if you have a flat tire.
Well, your business is no different, whether it’s small or big, you need to identify your KPIs, and you can determine which ones you will select to use, or ask for help.
Every business, and every industry is different, and based on this we usually determine your KPIs, for Example:
You are a retail business selling clothes, or eye glasses, or even a restaurant, well for all these a critical KPI to measure is Inventory levels, and you need to keep a very close eye on it, why? What is worse than not having a product for your customer? Or the right size, or colour, or even an outdated obsolete design?
For this purpose, selecting, a KPI on dashboard that you monitor regularly, will ensure you have the right level of inventory.
There are many KPIs you can select to monitor, and our Virtual CFOs at GlassQbe, can help you in this.
Talk to us today, and we can help you with your KPIs!