The importance of measuring KPIs

Posted on Dec 2, 2015 5:06:15 PM by Ashley Wood

Key Performance Indicators (KPIs) are the most effective way to determine if your business is on the right track, and, if not, where the problems lie. This allows you to fix the problems quickly and efficiently. 

It's important to choose the right indicators and things to measure to ensure you are getting the information you need to succeed. Each department should have their own set of KPIs since information relevant to one department may not be useful to another. However,  it is essential that every department and every staff member be aware of the top level KPIs and how their roles fit into achieving performance goals.

Here are some metrics you may want to consider when establishing KPIs for your business:

 

Staff & Revenue
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  • Instructor: student ratios

  • Payroll percentages

  • Gross revenue

  • Expense percentage

 

Participation

  • Program participation

  • Family numbers

  • Student numbers

  • Customer interactions

  • Attendance

Retention

  • Program capacity

  • Capacity vs full classes

  • New students vs returning students

 

Once you've established what your KPIs are, set some time aside (weekly or monthly) to go over them. There's no point in collecting data if you aren't going to use it. Taking some time to carefully analyze this data can teach you things you didn't know about your business, from weak areas that need improvement, to strong areas that make you the best choice for your customers.

 


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