It may be difficult for you at the beginning of your own project to measure its success and functioning correctly on its main objectives. Therefore, indicators have been created to measure the performance of small projects in order to help the project to reach its main objectives and avoid problems in business KPIs.
It is a measurable value, through which the company can achieve its objectives effectively, through the use of specific data, showing the progress of the company and its success in achieving its objectives, and thus helps the company to detect problems early and work to resolve quickly, Public satisfaction with products and services provided.
The importance of Business KPIs
The measurement of the performance of small enterprises is used to help them grow, to face any problems they face at the beginning of their creation, and during their work, and to discover the different opportunities available to them,
which are of great importance because they help small enterprises track the effectiveness of the performance regularly, It is also important for individual investors to develop their products, ensure that the project is on track, and help entrepreneurs manage their employees more effectively.
So it is one of the most important factors to help the success of any new project, and it is not a tool of success, but a tool for success,
where the mix is much that it succeeds the new project, but is a tool for the owners of the project to see all the data and measurements to help you understand the performance of the project and its extent For its main objectives,
contribute to the success of your project, but it requires the owner of the project a lot of effort and time invested to reach the project to the objectives set for him.
Types of Business KPIs
1. Business KPIs- Financial indicators
KPIs measure the financial success of the project by measuring the net return and income of the project, the flow of funds and the integrity of the balance sheet, especially if there is a debt for your project you can track it through KPIs financial indicators.
2. Business KPIs- Operational indicators
It measures the effectiveness of operations in the project, including measuring the speed with which products and orders are delivered to customers, and measures the length of time that products remain in storage before they are sold.
3. Business KPIs- Growth indicators
The indicators of new customers, how to attract them to projects, and thus help these indicators to obtain financial investments for the project while ensuring the best service for new customers, KPIs growth indicators can measure and track the entry of new customers, and the overall growth return.
4. Business KPIs- Customer indicators
Are the indicators for maintaining the satisfaction and satisfaction of new customers, through a systematic survey of customers and customers, more accurately and effectively measuring the number of times of repeated purchase, and measures the levels of customer correlation with products, and interaction on various social media platforms.
5. Indicators of progress/delay
KPIs for progress predict what will happen to the project, while KPIs for delay measure what happened to the project before, but KPIs for progress/delay cannot accurately measure the future of the project.
How to Choose the appropriate KPIs for the Project
The appropriate KPIs can be selected after determining the quality of the project and its work plan, the consideration of the project strategy, what you want from it,
what data you want to compile and know for the success of the project, and these indicators should meet the allocation, where the indicators should be highly focused and measurable To measure, and you must be specific to your main goals to access them.