Sometimes it feels like you have been trying to bake a cake without a recipe. While you might have the ingredients all over the place, are you sure of what to do and how much of it.You probably know about the many metrics and business KPIs to track and analyze to generate results.
But getting your KPIs right is easier said than done. And we get it since everything feels equally important, and you are not sure what metrics to keep a close eye on first. Even though you might decide what to track, there is a good chance you don’t know what it takes to meet your business goals.
That’s why it is common to find most people that do business in Bahrain measuring their KPIs in the same way as a venture that counts on one-time sales. Either way, taking this approach leads to flawed decisions. To ensure everything works in your favor, below are three common mistakes to avoid when tracking KPIs after starting a small business in Bahrain.
Tracking too many KPIs
Among the biggest mistakes business owners make is tracking everything that moves, regardless of its relevance to the venture. Although it may seem harmless, this mistake affects your business performance negatively. Never assume that access to lots of information is better than no information.
Rather than helping propel your small business to greater heights, always remember tracking too many KPIs leaves you with too much information. Moreover, it is costly and eats into your precious time. It is in your best interest to define no more than 5 KPIs per strategic goal to prevent this mistake.
Merely Focusing on Numbers
If you think it is possible to measure all KPIs in numbers only, you might be in for a rude shock. Sometimes you have to involve the human factor, especially when you want to track and measure KPIs that aren’t expressed accurately.
For this reason, it pays to include numbers that come directly from staff members to get accurate results. You need to ensure senior executives are part of the KPI decision-making process, or they will feel ignored.
James Gunny came across Bitcoin in early 2013 and was hooked on ever since. After years of being an active member in the bitcoin community, he now aims to help promote cryptocurrency technology to the masses through his position of Senior Managing Editor at Onlinemagazinenews.com.
