In the tech ecosystem the majority of the founders claim to be data driven and measure their Company’s KPI’s and even some publish them online. However, it’s not easy to select the KPI’s that are goal based and cover your company’s growth in the different stages of its life-cycle. Each founder needs to explicitly answer the following three questions when selecting and monitoring his / her company’s progress:
What KPIs do I measure?
Any tech startup, must have readily available a daily report of the company performance KPI’s. If you need more than a day or two to crunch the numbers in order to produce your KPI’s then you are losing your focus on actionable results.
How consistently do I measure my KPIs?
KPIs need to be company and industry specific, actionable metrics that are tracked daily and shared to all company employees with a dashboard. Performance metrics need to be highly visible and related to the job that each company employee does.
Are my company goals in sync with the measured KPI’s?
In selecting KPI’s as a company founder you need to understand which metric is relevant to your company and its life-cycle stage and also which KPI drives the team’s contribution to fulfill the company vision and goals.
In a nutshell KPI’s need to be precise, realistic, time specific, actionable metrics that promote company culture and acceptable behavior, while measuring the progress in achieving the stated company goals versus the competition.
Want to learn more on how-to-do, drop us an email and we will be happy to share our knowledge and insights with you!
Christos Lytras – Managing Partner