Using goals to improve business performance
In this lesson, we’ll cover how setting and tracking specific goals can help you understand and improve business performance. You’ll also learn about Key Performance Indicators and how these can be used to evaluate the effectiveness of processes most important to achieving your goal. Let’s dive in: Key Performance Indicators, or KPIs, are quantifiable measurements used to focus attention on the metrics most important to meet business goals. They are also useful in helping a team understand how progress will be tracked and measured. There are many ways to construct KPIs, but they should all be measurable, practical, achievable, and provide direction. So what does a KPI look like in the real world? Meet Ryan. He owns a chain of fitness centres called ‘Fit Gym’. He needs to make sure that he has enough customers to keep the business growing. To do this, Ryan wants to sign up at least 50 new members per gym a month. This would be his goal. To help achieve this goal, Ryan now needs