K is for Key Performance IndicatorsThe A to Z of Profit Growth – K is for Key Performance Indicators

 

It’s time for the next A to Z of Profit Growth… This week K is for Key Performance Indicators!

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KMA The A to Z of Profit Growth – K is for Key Performance Indicators

That’s it for this week’s edition. Watch out for next weeks episode.

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Hi, Kim here with your latest profit growth advice. K is for key performance indicators, or KPIs for short. I find that most businesses who know how successful they are, and how much profit they make, is determined by a small number of success factors, typically five or less.
Take your time doing this and figure out the things that are most likely to mean success to you and your business, and lead to improving your profitability as this is usually the main goal. Once you’ve decided on your five KPIs, they’ll need to be regularly monitored to ensure the actions you and your staff are taking on a daily basis are in line with meeting them. This is usually done by combining them in your monthly or quarterly management accounts review. It may be useful to determine KPIs for each department in your business. So, all of your staff understand what they are working towards. If all departmental KPIs are met, it should result in an increase in overall profit for your business, which is what we all want. Good luck.

 

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