Ah, the wonderful world of Key Performance Indicators! Think these are just for corporate businesses to track what their staff are doing (or not doing)? Think again!
KPIs (and OKRs and KRAs) are amazing tools to ensure your business succeeds, thrives and grows – whether you are a team of 1 or 1000. Let’s dive straight in with definitions and how this would work in a solo-preneur/small business environment:
KPIs – Key Performance Indicators: Stastics – These are fixed, measurable and statistical figures which you can use to measure your business strategy against.
OKRs – Objectives and Key Results: Objectives – These are a set of goals which are challenging, public (if in a team based environment), dynamic and reviewed frequently. Not something which should be really easily achieved.
KRAs – Key Result Areas : Tasks – Individual Daily/Monthly tasks to align with the overall business strategy, these should be essential to hit KPI and OKR areas and must be under your own control.