Practical Key Performance Indicators ( KPls)

Practical Key Performance Indicators ( KPls) udemy course

How to develop and use KPIs, KPIs for business growth, Retail KPIs and metrics you should be tracking etc.

   The main purpose of key performance indicators is to show exactly where your organization stands when compared to what you want to accomplish. First, before you even start thinking about your performance indicators, consider and define the precise business objectives you will link them to. Make sure these objectives are important for the success of your own business, not just random goals you copied from a famous company you look up to for inspiration. Remember, unless your chosen objectives are relevant to your own organization, you will either be achieving nothing with your efforts, or worse, wasting time and money. Most business owners know that repeat customers are the foundation of any retail store. New customers cost the most to achieve and may not always return to make another purchase.. That's why it's important to track customer retention rate. It will tell you whether your business can hang onto customers and help you make the right decisions to improve retention.

   Revenue growth rate: this key performance indicators measures the percentage increase in your revenue over a specific period. It's a fundamental indicators of your business's financial health and the effectiveness of your growth strategies. Defining your company overall goal: this is your vision of where you want to be in the next five years. It needs to be clearly defined and action- oriented.