Businesses aim to build a successful product, or service, to sell and make their customers happy. This can be achieved if the company works in the right direction with perseverance. However, many among them face difficulties to achieve the next level of success and this is because they don’t keep a track of their business metrics.
To grow a business you need to make key decisions related to investment, finance, marketing, human resources, and business operations, etc. Business metrics, or Key Performance Indicators (KPI’s), helps in making a successful business and product launch, marketing promotions, making sales and planning for the future. Numerous business metrics can be tracked but the metrics selection depends on your business type, industry, and business goals.
As I have mentioned above that the business metrics address the stakeholders. It depends on the type of business, industry, business departments and business size. There are so many metrics that can easily confuse you and make more problems for you in decision making. The best practice is to see what metrics your competitors are most concerned about. Then make a list and use them for your business analysis.
To make your work easy, I have collected the most important business metrics that can help you get started without wasting your time. Each metric listed here contains a brief description, formula, and methodology.
There is no need to use all of the metrics stated below. Just use the ones that matter for your business and gives a meaningful picture of your business. Let’s jump into the business metrics. I have segmented the business metrics based on different departments. Check it out
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