5 Crucial Metrics ARM Business Owners Should Be Tracking
What are Crucial Metrics or KPIs?
A Key Performance Indicator (KPI) is any measurable value that demonstrates how effectively a company is reaching key business objectives. KPIs can be used to track high-level goals and lower-level goals—including those specific to a particular industry or department.
High-level KPIs may focus on the overall performance of the business, while low-level KPIs may focus on departmental process like customer service, sales, or teams.
How to Define Your Own KPI
Well-defined KPIs allow owners to measure and track the underlying operational objectives that are critical to business success (like monthly revenue or operating costs).
- What is your desired outcome?
- Why is this outcome important?
- Are you able to measure progress? How?
- Can you influence the outcome? How?
- Who will be held responsible for the outcome?
- How will you know you’ve reached your outcome?
- How often will you review progress?
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