Does your company set Key Performance Indicators?

[AndrewNC]

I've never heard this term until recently.

It sounded like one of those business school text-book jargon type things (which I never paid attention too because I was too busy drawing red arrows on my banner ads). 90% joking...

"A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives."

Up until this point with your business; you might have been kind of winging it.

I was doing everything myself, my revenue from my magazine apps were pretty much on auto-pilot and I was in a passive income stage of my business for a few years.

Now, I've reached the point where I'm really accelerating the growth of my company; and I took on a business partner. I met with him last week in the U.K. and got to meet his daughter. Knowing that the things I do not only impact me, but also directly impacts the income and lives of others is a new driving force behind the work.

I first learned about KPI's when I interviewed Nick Kho - the Founder & CEO of Real Social Dynamics.

Now, instead of just hearing the things he says, I'm beginning to put them to use.

For my Magazine

• Setting specific dates where we need to finish conducing interviews each month.
• Meeting deadlines for graphic design.
• Specific publication dates.

For my Services

• Set out specific numbers of direct-mail letters to send each month.
• Set out specific number of sales calls each month.

The KPI's I've brainstormed so far have been performance-oriented.

But also, I am thinking of revenue targets for each month - which is something I've never done before - because I always wanted to keep the performance action-oritned and results oriented.

This is similar to the goals we set during mastermind calls - but somehow this just sounds more official

How do you use KPI's in your business?

 

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