Do you use Key Performance Indicators, or KPIs to help measure the success of your business? If not, how do you record the areas of business to improve on?
Debt/equity ratio and gross profit percentage are all ways in which we can measure the success of a business. KPIs will be different for each business, however the methodology is the same when it comes to setting them. The most important part about setting business KPIs is being strategic. Some results on their own may not be as effective as comparing multiple outcomes to get an idea of the bigger picture.
Here are some tips to creating KPIs to help measure the success of your business and in turn make better strategic decisions.