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Which KPIs should a small business track first?
Start with a few KPIs that reflect revenue, profitability, cash and customers: for example revenue, gross margin, cash position, customer acquisition and retention. Then add one or two operational measures specific to your model, such as stock turnover, on-time delivery or billable utilisation.
Choose KPIs that are:
- Linked to a goal you actually care about
- Measurable from data you trust
- Owned by a person who can influence them
- Reviewed on a regular rhythm
Five to ten well-chosen KPIs usually beat fifty. Ask of each one: if this number moved sharply, what would we do? If the answer is nothing, drop it.
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