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Key Performance Indicators (KPIs)

Evaluate the success and effectiveness of your business and keep your team's work on schedule with convenient measurement - Key Performance Indicators.

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What is KPI

Key Performance Indicator, or KPI for short, is a quantifiable measure used by businesses to evaluate their performance over time and progress towards achieving their goals.

Every company will use a different set of KPIs, depending on its long-term objectives, business area, type of management, and numerous other factors. Whatever type of KPI your company sets, if they show positive results, your strategy is successful and you should focus on maintaining it. If the KPIs are not so great, it is a warning of some issues that you should identify and improve.

FAQ

Why KPIs are Important

Track and monitor progress

Key Performance Indicators give you measurable and actionable data about the results of your business efforts. Properly set KPIs will track the most vital signs of your company, allowing you to keep a finger on the pulse of its health.

Spot problems and opportunities

KPIs allow businesses to have the most relevant data at their fingertips. This will help you identify signs of issues before they have a chance to manifest at full force or detect arising opportunities before anyone else could capitalize on them.

Stay on track and make adjustments

With those issues and opportunities in mind, proper KPIs will show you how to course-correct. You will see which efforts are working best and are worth focusing on, how to avoid pitfalls while staying on your business target, and how to shift your initiatives to reach max efficiency.

Analyze patterns over time

Measuring Key Performance Indicators Q/Q is a great way to detect long-term patterns. This can provide lots of vital information - you may unravel seasonality in your business performance, identify slower periods where you could insert training initiatives or system updates, or find habitual underperformers.

What types of KPIs you can monitor using the Goals app

Financial. This type of KPI indicates the income that you want to gain after a particular key result achievement.

Custom. This type of key performance indicator gives the ability to choose the proper metric and set the number of the metric that you want to achieve.

Task Completion. This type of KPI means that its implementation fully relies on the completion of tasks that belong to the current key result.

Explore all benefits of KPIs with the Goals app

Track and monitor your progress, stay on the right track, and constantly improve your workflow to complete set KPIs.

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Main benefits of KPI

Measure your key results

Usually, key results have a finish date and responsible team members. KPI isn’t related to key result implementation. It aims to measure how well a particular key result was achieved.

Track project performance

Before completing the key result, you should check if its KPI is achieved. If yes, you do a great job. If not, analyze what factors have affected this and try to prevent them in the future.

What is SMART KPI

KPI is a unit of measurement that evaluates the success of a particular key result.

SMART is a model of setting key results. SMART stands for:

Specific (simple, sensible)
Measurable (meaningful, motivating)
Achievable (attainable)
Relevant (reasonable, realistic)
Time-bound (time-limited, time/cost limited, time-sensitive)

Combining KPIs and a SMART framework improves your business performance and brings your team to success.

How to Set Up and Measure KPIs

Many businesses, many KPIs. To define Key Performance Indicators that will work for your company, answer the following questions:

What is your overarching business objective?
Why does this objective matter?
How will you know if you’re making progress towards the objective?
How can you influence your progress?
Who is responsible for reaching the objective?
How often will you review your progress?

Once you know the answers, it will be easy to figure out which KPIs suit your business best.

3 Simple Steps to Manage KPIs Using the Goals App

Choose the proper type of KPI - Financial, Custom, or Task Completion and fill it out.

Add KPI for each key result - set a KPI to monitor the progress toward achieving particular key results.

Check KPI achievement - before key result completion check if its KPI is achieved.

Examples of Key Performance Indicators

Marketing KPIs

Marketing Qualified Leads
Return on Marketing Investment
Brand Awareness
Funnel Conversion Rates
Customer Acquisition Cost
Customer Engagement
Customer Retention

Sales KPIs

Average Profit Margin
Average Purchase Value
Sales Target
Monthly Sales Growth
Product Performance
Lead Conversion Rates
Customer Lifetime Value

Financial KPIs

Earnings before interest and taxes
Liquidity ratio
Economic value added
Gross profit margin
Net cash flow
Interest cover
Contribution margin

Customer relations KPIs

Customer satisfaction
The number of customer complaints
The number of calls to customer service
Customer support ticket response times
Customer lifetime value
Percentage of customers who quit your service
Customers gained over a set period

Employee success KPIs

Number of projects completed over a set period
Units processed over a set period
Sales quotas and other personal targets
Job satisfaction
Customer satisfaction
Work speed
Absenteeism

Human resources and employment KPIs

Employee turnover
The number of new hires
Cost per hire
Salary competitiveness ratio
The number of promotions
Retirement rate
Employee satisfaction

Ready to give it a try?

Check the KeepSolid Goals app and see how it helps set and track KPIs.