Key performance indicators (KPIs) are used to measure the performance of businesses and determine how many objectives you’re achieving. Businesses use KPIs to evaluate the overall performance, but they can also be used to evaluate different functions such as HR, marketing, supply chain, and sales. You should monitor some KPIs as improving them can benefit your business.
Net Profit
Knowing your net profit can be an obvious KPI to monitor, but it is something you should pay attention none the less. It shows you the direction you’re headed towards, so if it’s underperforming, you can investigate different aspects that lead to profit, such as cost and pricing.
Growth in Revenue
Every company wants to grow, and one of the things that help you determine whether you’re growing or not is revenue growth. Knowing how much money you’re making is just as important as how much profit you’re making. There are instances when profit can stay stagnant, yet you could be growing. That’s due to added expenses with growth. If your annual revenue is better than previous years, then you’re in the right direction.
Profit Per Customer
It’s also useful to know how much money customers are spending on your products and services. This can be useful to improve your customer relationship management and help build loyalty. You need to have customers spend as much time and money in your store, so using promotions is a great way to do that.
ROI on Digital Marketing
Digital marketing has become a huge part of marketing strategies, and if you’re not using it, you’re missing out on many potential customers. Though effectively using digital marketing can be a little tough, companies end up wasting a lot of their capital on it. You wouldn’t want to be investing in a marketing strategy that’s costing you more than it’s earning you. You can calculate the return on investment of digital marketing campaigns by analyzing the sales growth due to any digital campaign.
Employee Satisfaction and Turnover
Business growth isn’t only about improving your numbers, such as sales, profit, or revenue. It’s also about the people working in your company. You need to focus on KPIs such as employee retention rates, happiness surveys, and their performances. If your company culture isn’t good then you’ll have a low retention rate which is something you can work on once you find out.
All these KPIs can easily be managed with our business templates and dashboards. Our KPI dashboards are designed to highlight all the important things that influence your business’ performance. We even have dedicated KPI PowerPoint templates that you can use to present your results.
Besides that, we also have HR dashboards and financial dashboards that could be useful in recording and showcasing your data. To find out more about our professional templates, contact us.