Key Performance Indicators: Why You Should Definitely Be Tracking Them

Measuring key performance indicators around your product or service offerings is critical. Tracking what’s meaningful in your business diligently and regularly is the pathway to profit. And profit (say it with me) is the pathway to freedom.

If you don’t measure how things are doing, how can you expect them to improve? If something’s not working, you need to be aware of it to pivot to another effort.

What are KPIs?

Key performance indicators differ depending on the product or service. They are measurable markers of success on the road to achieving a goal. Key performance indicators (KPIs) allow managers to establish goals (the desired level of performance) and monitor the team’s actual performance over time.

When employing key performance indicators for management, it is common practice to focus on improving performance as measured by leading indicators, which are predictors of future success and should ultimately lead to the outcomes measured by lagging indicators.