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  • Meet Craig Willetts
    • Never Give Up
    • Change The Game
    • Give Back
  • New Business Tips
    • Train Your Brain
    • Organise Your Workspace
    • Colour use in Business
    • Writing a Business Plan
    • Setting KPI's
    • Website Building Instructions
  • General Business Tips
    • How to Thrive not just Survive in a Global Pandemic
    • Meeting Tips
    • Problem Solving
    • Monitor Profit
    • Ensure Compliance
  • Business Development
    • Sell your product or service
    • Social Media Essentials
    • Daily Hashtag
    • SEO Tips
  • Understanding People
    • Be A Great Employee
    • Understand Customers
    • Talent Management
    • How To Get The Most From Your Team
    • Stress at Work
    • Made it Mindset
  • Sector Related Articles
    • Project Management Sector
    • Security Sector
    • Cleaning & FM Sector
    • Construction Sector
    • Manufacturing Sector
    • Warehouse Sector
    • Training Sector
    • Customer Service Sector
  • ISO Standards & Other Accreditation Tips
    • ISO 9001 Tips
    • ISO 14001 Tips
    • ISO 45001 Tips
    • ISO 31000 Tips
    • ISO 22301 Tips
    • ISO 27001 Tips
    • ISO 17025 Tips
    • ISO 18788 Tips
    • ISO 28000 Tips
    • ISO 28007 Tips
    • ISO 50001 Tips
    • Go Paperless With ISO
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Importance of KPI's

To ensure that you succeed it is important to set yourself Key Performance Indicators (also known as Critical Success Factors), here is some information to help you to understand them and create your own. 
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Terminology
Definition: A measurable expression for the achievement of a desired level of results in an area relevant to the entity’s activity
 
Alway ensure your targets are SMART objectives = Sizable, Measurable, Achievable, Realistic, Timed

KPI naming standards 
Value of net profit - £
Number of Defects - #
Percentage of budget variance - %
Value added by KPI’s  
Clarity – paint a clear picture of your strategy
Focus - Focus on what matters and what the required attention is
Improvement – Monitor the progress as it moves toward the desired state
 
Different departments will have different KPI's
Accounting – Billing accuracy, Cost of goods sold, Client cash per revenue, invoices under query
Compliance and risk – loss expectancy, operational risk, frequency of inventory audit, turnaround time for audits
Customer services – speed of answer, complaints received, call handling time, complaints resolved
Finance – Berry ratio (The Berry ratio is the ratio of a company's gross profits to operating expenses. This ratio is used as an indicator of a company's profits in a given period of time), basic earning power ration, labour multiplier
 
KPI section technique: value flow analysis
Input – cost of training budget and number of training support staff
Process – number of hours of training per employee and the number of training courses organised
Output – percentage of employees trained and the percentage of participant satisfaction with training experience
Outcome percentage of staff meeting desired competency levels and skill level
 
Data visuals do’s and don’ts
DO – Bar Charts, line graphs, bullet graphs, Sparklines, small multiples and waterfall charts
DON’T – Pie charts, 3D Graphs, dark backgrounds on charts, non-zero baseline, overcrowded, gridlines
 
KPI selection criteria 
Relevant – aligned with organisational strategy; significant for the specified domain of services
Clearly defined – KPIs should be described by using clear and intelligible terms. Avoid the use of management jargon
Balanced  - Quality / Quantity and Efficiency / effectiveness and subjectivity / objectivity

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