Breaking news from 50,000 BC – as a business leader, “you get what you measure”.
But the key is to identify the most meaningful, and the fewest, things to measure. Here are some tips from a recent Forbes article:
- Choose business metrics that actually impact business performance.
- Break down measures into smaller metrics to provide deeper insights.
- Be ready to switch to new KPIs as your business changes and evolves.
- Actually use the results to adjust and modify your business strategy.
And when it comes to metrics, it’s often the qualitative, unstructured aspects of performance that have an outsized influence on business success. Measuring top performance needs to account for this and should be reflected in the metrics you choose.
And if a measure doesn’t measure up, or if no one actually acts on it – then toss it and find one that matters. See our related blog post The Importance of Execution.
We’re interested in hearing back from you about the business metrics you think are meaningful.