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KPIs measure business performance and progress towards their goals through tracking the effectiveness of projects, processes, campaigns, and strategic changes.
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One major challenge faced by both midsize and small sized companies is lack of data visibility. Answering Business performance related questions does require lots of effort and consume plenty of effort. Hence, what is desired is proper business strategy combined with clear answers to a variety of questions.
https://www.tycoonstory.com/tips/steps-to-choose-the-right-kpis-for-your-business/
A complete outline of KPI's function and use in a measureable value that demonstrates the effectiveness of a business process at contributing to the attainment of key business objectives
Here's a link to the full resolution PDF http://static.klipfolio.com/ebook/intro-to-kpis-slides.pdf
In today’s ultra competitive business ecosystem, only the strong survive. In order to keep your team on top of their game, you need to cultivate a data-driven culture by sharing the right performance indicators and business metrics with your team.
A Key Performance Indicator is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs at multiple levels to evaluate their success at reaching targets. High-level KPIs may focus on the overall performance of the enterprise, while low-level KPIs may focus on processes in departments such as sales, marketing or a call center.
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KPIs measure business performance and progress towards their goals through tracking the effectiveness of projects, processes, campaigns, and strategic changes.
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Essential Key Performance Indicators for Small and Mid-Size Business
1. Essential Key Performance
Indicators for Small and
Mid-Size Business
Reimagine how you measure business performance
to adapt faster, work smarter, and perform better
2. Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
This information
is for you if...
• You want to glean more insights from business systems but
are not a data scientist.
• You are looking to understand more about leading and
outcome-based key performance indicators (KPIs).
• You need a framework to innovate through incremental
improvements and continuous business process optimization.
Estimated reading time: <10 minutes
2
3. Introduction
– Why KPIs
are critical to
SMB business
continuity plans
2.
Work smarter:
productivity
tracking
Different types
of KPI’s and
why they are
important
What to measure
for agility and
continuous
business process
optimization
How Microsoft
Dynamics 365
Business Central can
help you adapt faster,
work smarter, and
perform better
Adapt faster:
measuring
business agility
1
Page 5 Page 6
Page 4
Page 10 Page 16
Page 7
Contents
3.
Perform better:
indicators to track
cycle times of key
business processes
Page 13
3
Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
4. Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
Ever-increasing disruption is putting more pressure on leaders within
small and medium-sized businesses (SMBs). New competitors offering
new business models or additional innovative products and services are
entering the market faster than ever. Gone are the days when your only
competition is a town over. In today’s digital world, consumers have access
to products and services globally, continually changing their expectations
on quality, availability, price, and how they want to do business with you.
Business success requires you to rethink how you operate fundamentally,
not just today but tomorrow and every day after that. Organizations that
thrive are those that can master change using a business continuity and
resilience framework to drive business agility and continuous innovation.
All remarkable strategy frameworks start with how you can measure
business outcomes. Traditional business key performance indicators (KPIs)
focus on four critical dimensions:
Introduction
While the four dimensions above will always be critical to business success,
these KPIs will not help you understand how quickly you can adapt to
disruption. Nor will they provide a framework to help you measure continuous
process, product or service innovation. This ebook will introduce you to a
different way of thinking about KPIs to help you measure business agility and
business process optimization.
1
Profit
tracking your bottom line or financial gains is critcal for all businesses.
2
Profitability
it is essential to know how efficient your company is at turning sales
into profit or tracking margins and always working towards
lean operations.
3
Growth rates
business continuity requires that you are forward-thinking and always
looking for innovations that will accelerate growth, even during a
crisis.
4
Risk and returns
Thin margin businesses are riskier, as they cannot withstand an
economic downturn for very long. And your investors will expect
higher returns as the risk increases.
Introduction KPI’s You Should Measure 1. Adapt faster Work smarter
2. Perform better
3.
Microsoft Dynamics
365 Business Central
KPI Examples
4
5. Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
Using a framework that delivers a combination of outcome and leading KPIs
will help you not only track financial performance but also:
Focus and motivate employees to deliver results or solve
critical problems
Reinforce your business vision and customer promises
Provide an early warning system to reduce risk
Foster innovation and a growth mindset, data-driven culture
Drive continuous process optimization to not only reduce
costs and improve margins but also remove friction points to
create optimal employee, customer, and vendor experiences
The principle “what gets measured gets managed” dictates that by examining
a process, you can not only better understand it, but you can also find ways to
improve it or get back on track if you know in advance when you are off course.
KPIs help you measure strategic, financial, and operational performance compared
to a set of targets, objectives, or industry benchmarks. However, many SMB leaders
only focus on KPIs that measure business outcomes, which means they only know
if they missed the target after it is too late to course-correct. Business outcome or
lagging KPIs are essential to understanding performance; however, you also need
to track leading indicators to measure agility and continuous process optimization.
Key Performance
Indicators (KPIs): What
are they? And why do
I need them?
KPI Examples KPI’s You Should Measure Work smarter
2.
Microsoft Dynamics
365 Business Central
Introduction 1. Adapt faster Perform better
3.
5
6. Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
What to measure
for agility and
continuous business
process optimization
demonstrate if you have achieved a set target, goal, or objective within a
specific period. Examples include revenue, profit, profitability, customer
satisfaction rates, website traffic, lead conversion rates, etc. Outcome
indicators, by definition, are final when you get them. Lagging indicators are
output-oriented.
are predictive measurements that show what an outcome will be in the
future if the trend continues at the current rate. With leading indicators,
you can make changes by adjusting processes or investments that get you
back on track to hit your target or desired outcome. Leading indicators are
result-oriented. A key question to ask is: “What processes, steps, or skills can
I measure to achieve the target outcome?” For example, if your customer
promise centers around easy returns, you would measure your return cycle
time or how long it takes a customer to return a product. While customer
satisfaction rate would be the outcome KPI, customer return time would be a
leading KPI that ensures you successfully deliver on your brand promise.
Outcome (lagging) key performance indicators
Leading key performance indicators
Work smarter
2.
Microsoft Dynamics
365 Business Central
Introduction KPI Examples KPI’s You Should Measure 1. Adapt faster Perform better
3.
6
7. The Harvard Business Review announced that adaptability was the new
competitive advantage back in 2011 and since then, buzzwords like business
agility have flooded in. However, for SMBs, the ability to adjust and adapt,
especially during times of volatility, is critical to survival. Agility must be
more than just a concept; it needs to be embedded into your organization’s
DNA. That is only possible if you use the right leading KPI’s to keep everyone
precision focused on the speed of doing business and how long it takes you
to implement business model changes.
Measuring business
agility and continuous
process optimization
1. Adapt faster:
1. Adapt faster Work smarter
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Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
8. Business model
adaptability
Industries, customers, and markets change. Even where and how
we work is changing rapidly. As are your business strategies, goals,
objectives, services, and products. The ability to quickly diversify,
scale, and change your business models is a competitive advantage
in any market. As change is constant, so should be the metrics that
you use to measure business adaptability be continually changing.
Some questions to ask to determine what you should measure:
Understanding the above process speed times will help you measure how quickly you can
change, but you will also want to focus on how open your people are to change.
How easy is it for you to make
changes to your current business
model? How long does it take to set
up a new company, customer, credit
for a customer, vendor, employee,
pricing structure, product, service,
currency, etc.?
How empowered are your employees
to recommend process changes or
try new approaches in their roles?
How often do you create employee
objectives (OKRs)?
How often do you conduct strategic
planning?
How long does it take to change your
website, SEO, or paid media advertising?
What is the Adaptability Quotient (AQ)
of your employees? How quickly do
they embrace inevitable challenges
as changing dynamics arise, and your
company needs to make strategic shifts?
How long does it take to hire a new
employee? Change compensation
or benefit plans? Change your
organizational roles and hierarchy?
Are you able to reskill employees and
rapidly onboard them into new roles
instead of hiring new talent as your
business changes?
Work smarter
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9. Cash availability Brand affinity and sentiment
In times of crisis, cash flow is king and critical to survival. It is often cited as the
main reason that small businesses fail. Tracking your quick cash ratio will help you
quickly see whether your cash, securities, and the money you expect to have soon
(your accounts receivable) are enough to cover your liabilities. It will also show
you if you need to pivot your current investments or if you have the money to
implement the changes necessary to respond to disruption.
To calculate it, you add cash, marketable securities, and accounts receivable and
divide by current liabilities. For example, if you have $25,000 in cash, $15,000 in
accounts receivable and $10,000 in current liabilities, your calculation is
Understanding your customers’ opinions, attitudes, and emotional connections
to your brand is called brand sentiment. This leading indicator can help inform
how you’re doing in terms of your customer experience, product quality, price
competitiveness, and loyalty. It can take some time to shift brand perceptions, so
understanding how quickly and what engines help you improve these metrics ties
into your adaptability. While changes to your pricing, quality, and buying process
might take longer, you can utilize social media, rewards, and marketing to impact
your brand sentiment and boost sales. There are tools available to measure brand
sentiment from customer comments across social media platforms; however, you
can also use analytics from your website. Ways to measure:
If your quick ratio is one or higher, you will have enough cash and liquid assets
to cover outstanding bills. A quick ratio of less than one means that you need to
adjust to cover your current liabilities.
($25,000 + $15,000) ÷ $10,000 = 4 Web traffic metrics, time spent on website or viewing content
on social channels
Direct surveys to your customer – using a tool like Microsoft
Dynamics 365 Customer Voice
Reviewing interactions on your social media channels
Running promotions, social campaigns, or rewards programs
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Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
10. Understanding how long it takes for individuals to perform specific tasks and
the effectiveness or accuracy of the work can help ensure employee success. It is
also vital to understand if your business systems are impacting the productivity
of your people. Keeping the pulse on your network infrastructure, application
performance, and system uptime will ensure your people can do their best work—
even when working remotely.
Productivity tracking
2. Work Smarter:
Work smarter
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11. Objectives and Key
Results (OKRs)
Productivity and Application
Performance Scores
While not by definition, a leading KPI, ensuring that everyone in your organization
focuses on delivering objectives that tie to your business vision and customer
promises is key to working smarter. OKRs also provide a clear employee
performance framework that can also attract the right talent into your business.
Talented people want to work for companies to impact and grow their careers
the fastest. By identifying the best possible result for each role, you create clarity
around a picture of success. You also align each role to impact, which moves your
business forward.
Many application vendors often promise to improve productivity; however,
it has historically been challenging to measure. The Microsoft Productivity
Score provides visibility into where you can improve people, technology, and
workplace experiences.
While the Productivity Score measures Microsoft 365 apps’ effectiveness, most
business applications also provide system performance insights. Keeping focused
on continuous optimization of application performance will ensure your people
are empowered to get more done in less time.
You can also measure how long it takes for individual employees or teams to
complete specific tasks, such as sales and service calls, order entry, product
assembly, inventory picks, etc. By helping employees track individual productivity,
you can identify where additional training may be required or have top performers
share best practices across the team. It can also help you identify better ways
to configure dashboards and app layouts or where you may need to change
processes or add in automation.
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Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
12. Project success and the cost
performance index (CPI)
For project-intensive businesses, the way you manage work is critical to
improving profitability. Of course, timeliness, budget, quality, and effectiveness
are vital to measure. And you will also want to track number of returns,
canceled projects, billable utilization, and change requests. However, a leading
indicator that will help you determine if you are likely to finish the project
under or over expected costs is the Cost Performance Index (CPI):
CPI = Earned value / Actual costs
(how much project work has been
completed at the specified cost)
(what has been paid on
the project)
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13. While this eBook outlined vital business performance metrics in the
introduction, this section focuses on process time or cycle times that can be
measured to get leading indicators that tie to outcome KPIs.
The questions to ask here are: how do we improve operational performance to
deliver better outcomes to customers, vendors, and employees? And how do
we optimize processes to reduce costs and increase financial performance?
What indicators will help us predict if we are on track to meet revenue, gross
margin, or growth objectives?
Indicators to track
cycle times of key
business processes
3. Perform Better:
Tip:
Take the time to build operational excellence maps, which fuel continuous
business process optimization. These maps provide visual representations of your
operational processes, for example, your hiring, procurement, customer acquisition
or financial reporting workflows.
By mapping your current operations, you will get a better understanding of how
your business runs to identify bottlenecks, inefficiencies, and opportunities to
better serve your customers.
The KPIs that you select to measure the processes in those maps will be your
leading indicators. We provide you with best practices by department here.
$
Step 1:
Procure to pay process map
Create
requisition
Step 2
Requisition
approval
Step 3
Create
a PO
Step 4
PO
approval
Step 5
Receive
goods
Step 6
Invoice
approval
Step 7
Vendor
payment
Perform better
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Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
14. • Month end close cycle times
• Year-end close cycle times
• Financial reporting timeliness
– how quickly can you provide
financial details when inquiries
are made?
• Average sales cycle
• Lead response times
• Opportunity to close cycle time
• Credit processing time
• Profitability index
• Number of change orders per
project
• Number of staffing changes
• Time to market
• Time to manufacture
(assemble)
• Availability (time to ship)
• Time to hire
• Cost to hire
• Time to impact
• Performance review cycle time
• First contact resolution (FCR)
• Meaningful connections score
(MCS)
• Time to resolution
• Return product cycle time
• Procure-to-pay cycle (requisition
placed, vendor selected, PO
issued, receiving document
logged, invoice received, invoice
reconciled, accounts payable
check sent)
• Cash-to-cash time cycle
• Perfect order rate
• Days sales outstanding (DSO)
• Fill rates
• Shipping timeliness (number
of orders that are being filled
and shipped according to
delivery dates)
• Downtime (amount of time
between items being picked,
usually due to distance
between bin locations)
• Turnover rates (how long
are products lingering in
warehouses)
Finance
Sales
Project management
Product
Human Resources
Customer service Purchasing
Inventory and Supply Chain
Warehousing and
manufacturing
Perform better
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Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
15. Tracking profit, profitability, growth rates, and risk and returns remain the
backbone of KPI tracking is indeed a necessity. Going a level deeper and adding
the KPI’s that can help your business pivot quicker is the key for SMB’s to stay agile
and profitable in today’s marketplace.
This eBook introduced you to KPIs that can help you measure business agility
and business process optimization, giving you the tools you need to continually
measure your process, product, and service innovation long before they hit your
bottom line KPI’s.
Measuring the right KPI’s can ensure your business embraces agility as more than
just a concept by embedded the ability to adapt into your organization’s fabric.
Using the right leading KPI’s will keep everyone precision focused on the speed of
doing business and delivering optimal outcomes to your customers. This is only
possible if you have the rights tool to track data across your entire business and
measure the right leading and outcome KPI’s.
Perform better
3.
Work smarter
2.
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Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
16. Essential Key Performance Indicators (KPIs) for Small and Mid-Size Business (SMBs)
To make your business dreams a reality, you need business solutions that
keep pace with a continually changing world. That’s why successful SMB’s
have moved to the cloud with Microsoft Dynamics 365 Business Central.
Now more than ever, SMBs need to embrace digitalization because
“business as we know it” has changed. Expectations have changed. The
customer experience has changed. Even where we work and how we work
is changing right before our eyes. Yet, so many businesses remain limited
by systems that don’t allow for change. That’s why we launched our next
evolution of Microsoft Dynamics 365 NAV, GP, and SL.
To help SMBs become powered by the cloud, powered by connected data,
and powered by business intelligence.
We brought together the productivity of Microsoft Office 365, the data
connectivity and business intelligence of the Microsoft Power Platform, and
the security, scale, and geographic presence of Microsoft Azure. Dynamics
365 Business Central unifies those assets into a single application that
connects business management across finance, sales, service, supply chain,
distribution, and manufacturing.
Get access to the performance metrics that help you to adapt faster, work
smarter, and perform better.
Why Dynamics 365
Business Central?
Microsoft Dynamics
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