As a business, you have to track and measure your performance in order to succeed.  Developing Effective KPIs that work for your business (KPIs) is the way to go for all businesses.  A KPI allows you determine goals, set objectives and evaluate progress over time throughout your business. KPIs may differ based on industry, but there are some fundamental metrics that apply across the board.  In this week’s I Hate Numbers podcast I discuss Effective KPIs that work for your business.

The key performance indicators discussed today should increase the understanding of effective KPIs. Having clarity on cash flow, gross margins, break-even, receivables collection period, inventory term, payables payment period, working capital cycle, customer lifetime value and conversion rates is important to the success of a business.

Having Effective KPIs that work for your business drives growth and efficiency. Knowing when target KPIs are being met as well as spotting potential problems early will ensure business owners are always ahead of the game. Therefore, every business owner should be familiar with these key indicators for increased success. If you would like to learn more about effective key performance indicators for your business make sure to subscribe to my I Hate Numbers podcast for regular advice and tips that are easy to understand and accessible to everyone from experts to beginners in business.  Subscribe now!

Conclusion and good to know

The I Hate Numbers podcast isn’t just about financial performance though.  Other topics are covered, for example, cash flow management, budgeting, forecasting, tax, accounts, and more! Every episode provides actionable advice from me, Business Finance coach, accountant and educator who explains that stuff in an easy and no-nonsense way.

Are you a small business owner, social enterprise or organisation passionate about change? Managing your finances can be a lot of work, trust me.  Finally, there’s software that makes keeping track of your cash flow and financial planning easier: Numbers Know How. It helps you stay organised so you can focus on what matters to you; the creative work and the impactful change. Take a step away from the chaos with fast setup & easy navigation – numbers just got real…for the better! Get organised & make sense of it all with Numbers Know How today!