Are you a retailer? Adopt these 7 basic KPIs to measure and manage your business performance.
Key Performance Indicators (KPIs) are tools used by businesses to measure and manage the performance of the different functions. They help to evaluate the overall viability of a business over a given period and how successful the various activities of the business have been in fulfilling its mission.
Key Performance Indicators
KPIs effectively breaks business' goals and objectives into workable and measurable actions. Giving a clearer understanding of what such goals are and how they can be achieved. They are not static, but constantly evolve depending on the business area or function one wants to concentrate on.
For instance, the business development function of a bank may have the objective to expand its customer base by 40% at the end of 2022. To achieve this objective, the department must set quantitative targets for officers, eg. each officer is ex