May 10, 2021
In episode 357 of Financially Simple, Justin looks at the process of formulating KPIs, KIs, and KRIs for your business.
When determining which indicators in each department of your business to track and how to track those indicators, there are steps that you can follow to make it a little easier. In this episode, Justin goes over the process and expectations you and your team should have when formulating and applying your business’s KPIs, KIs, and KRIs.
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00:45 - KPI Application
05:42 - It Takes Time
06:53 - Only the Owner and Management can Decide on the Details
08:23 - Your First Pass Will Not Yield the Best Results
10:25 - Don’t be Afraid to Change
11:20 - What is it that You Must Do to Have a Successful Business
12:48 - What is Your Goal for the Next 1-3 Years
13:48 - What are the Weaknesses of Your Business
14:23 - What Measurements Do You Currently Have in Place
15:18 - What Areas of Measurement Are Missing
15:50 - Summary
Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.