Overcoming challenges when implementing KPIs

Colleagues, business owner, worker, accountant, client discuss on wooden table how to overcome challenges with KPI (key performance indicators) #KPI

Running a business can feel like an uphill battle. Futrli is here to help you get back to a level playing field. Read on for the ‘how’s and ‘why’s of choosing, implementing and measuring the core metrics of your business.

1. Choosing KPIs. Choose metrics that directly affect your customers. Happy customers will translate into revenue. Also look at the KPIs that measure per department, and/or per person. Use the results to see if this is a strong or weak part of your business.

2. Implementing KPIs. Use KPIs as a way to bridge the gap between you and your team. Sit down with them and share your goals, insights and pain. Once you’re on the same page, you’ll notice you start working more harmoniously. Staff will know what’s expected of them and will be more engaged.

3. Measuring KPIs. The top benefit of measuring your KPI results is the ability to prevent financial disaster. Because these metrics are in real-time, you can log in to your forecasting software and get a great idea of how you’re performing at a glance.

4. Consistency with KPIs. Every KPI must be measured in the same way otherwise your data will be prone to errors. Measure the core metrics in your business and you’ll find you have much more control over your cash position. Get started if you haven’t already – it’s the only way to work.

Need a little more help? Check out our KPI Library to get you started, and have a look at our industry-specific examples of crucial KPIs to measure here.

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