In order to assess how well a strategy is working, key performance indicators are essential to evaluate various aspects of a business. KPI’s also assist in the control of stock and assess overall business productivity.
All businesses are dependent on a number of resource strategies working together:
KPI’s help evaluate how well each strategy is working. For example, growing a client base: how do you get new clients? How many do you lose and why? Are existing clients increasing their spend with you? These indicators tell you if you client strategy is working.
Key Performance Indicators also help with inventory or stock control. Are stock purchases in line with turnover? To what degree are you overstocked or under stocked? How often do you turn your stock around?
KPI’s for staff productivity includes which staff get the highest requests, which staff produce the highest average spend per client as well as who gets the highest number of referrals.