Strategic KPIs for Small Business Success: Mastering the Essential Five Metrics for Optimal Performance and Growth
There are a great many performance indicators available for organisations but small businesses don’t have the time or resources to monitor a long list of measures. The aim of this course is to present five KPIs which, I believe, will work in all circumstances and can be used by a small business to to effectively manage their performance and make decisions that will help them improve.
I am not saying that five KPIs is all you need. Rather this is a starter set of five measures that give strong coverage of the core financial and operational elements of business success. Depending on your organisation's industry or sector there may be additional measures that are also useful, and I cover many of those in this course as well.
The purpose of this course is to explain my five recommended KPIs for small business in detail, with examples, and to show how they can be used to measure success and identify areas for improvement.
The five KPIs for small businesses are a good place to start. The performance measures I recommend are:
1) Sales Income
2) Contribution
3) Available Cashflow
4) Time to Serve Customers
5) Customer Feedback
In this course, I will explain how to use them effectively, and also identify some additional performance indicators that will help in specific areas of business.
If you are involved in running a small business, or are planning a start-up, these five KPIs are a good place to start. I hope that you find them beneficial.
Â
Business author and consultant, specialising in performance measurement and improvement
I am a Fellow of the Chartered Institute of Management Accountants in the UK and work as an author of business courses and a process improvement consultant. I have over 30 years' experience and live near Stirling in Scotland, with my wife, daughter and Cocker Spaniel. I aim to make my courses accessible and understandable. My courses focus on business topics including KPIs, performance measurement, approaches to business improvement, Agile and Lean. I hope you enjoy my courses.
Provincial regulators of CPAs in Canada do not require that independent providers of CPD be approved to offer courses. Instead, individual CPAs are responsible for assessing whether a CPD activity meets their requirements, and may take activities from any source provided those requirements are met.
Every course offered on LearnFormula is delivered by a qualified subject matter expert or learning organization, and advances learning objectives that are relevant to the responsibilities or professional competencies of Canadian CPAs. All activities on LearnFormula are quantifiable in terms of hours, and are also verifiable, in that users receive documented evidence of their attendance via a certificate of completion after finishing a course (and this certificate is stored by LearnFormula indefinitely). Nearly 100,000 Canadian CPAs successfully satisfy their CPD requirements via LearnFormula on an annual basis.
