Key Performance Indicators (KPIs) are important metrics that help you understand how your organization or team is performing. Many businesses measure different KPIs to evaluate their success at achieving specific goals and targets.
A good KPI should act as a compass that guides you and your team in the right direction – towards achieving strategic goals for your company. Effective KPIs are:
- Well-defined and quantifiable
- Communicated thoroughly to every employee
- Crucial measurements for tracking the progress of your goals
- Applicable to your business and industry
Identifying the right KPIs will depend on the type of business goals you are looking to achieve. There are many to choose from (for example, Profit, Revenue, Number of New Clients, Customer Lifetime Value, Employee Satisfaction, etc.), but you need to choose the right performance metrics that align best with your firm’s objectives.
According to this recent blog article from Software Advice, there are 4 key Project Management KPIs that can help SMBs evaluate and improve project performance. It not only highlights these KPIs, but also explains why they’re important and how companies should be using them.
The article also featured BillQuick as one of the highly rated project performance management tool that allows managers successfully measure KPIs! We are very honored to receive this recognition.