SELECTING THE COMPANY'S KEY PERFORMANCE INDICATORS FOR EFFECTIVE FORECASTING AND DECISION-MAKING
Creating a business is a roller coaster of emotions and challenges. One day you will be at the top of your latest success. The next day you have problems with the staff or you are trying to find a new supplier. In the midst of all this turmoil, you need to keep the ship on course for your long term goals. You need to know if your business is going in the right direction or if there are things that aren't working well and should be fixed. While many business owners talk about running their business "intuitively" and "instinctively," truly successful entrepreneurs rely on data to know how their business is going. They use the data to find out how they can improve tomorrow, next week, and next month. They set goals and define performance indicatorsusing these goals to implement their winning strategies. Business owners who manage to achieve their goals have one thing in common: they all track their progress towards achieving their goals. And to do this, they need to know which metrics and data they should track to realistically measure performance, and which ones can be ignored.