A Key Performance Metrics Dashboard of your Key Performance Indicators (KPI) provides the clarity and accountability to turn goals into action. You get regular information about whether your company is on track to accomplish its goals.
This easy-to-use free template will enable you to track your key metrics. There’s no reason to buy expensive software to track your key metrics. You can create your dashboard in Excel or Google Sheets with this template.
Good key performance metrics provide you the following benefits:
Communication of the company’s priorities
When everything is a priority, nothing is a priority. KPIs guide the prioritization of scarce resources. People also can’t keep large amounts of metrics in their head so limiting the number of metrics increases the effectiveness of each metric.
Clear definitions of success
Everyone in the company may agree that “being the leader in our market” may be the goal but differ on what exactly constitutes success. Is it the highest customer satisfaction, largest market share, or highest profitability? The KPIs set out the company’s decision on the best way to measure effectiveness.
Most people are driven by finding purpose in their work and a desire to succeed. The KPIs provide clear and constant feedback on progress towards the goals.
Continuous Feedback for Rapid Adjustments
You want to learn quickly if your plan and tactics are going to accomplish your goal so you don’t waste time and resources. Strategies, goals, and plans are also not always perfect, and the feedback informs improvements to them.
As the saying goes, “What gets measured gets managed.” The commitment of the company to elevating certain metrics as key performance indicators means these are critical to success so action must be taken when a metric is not being achieved.