It’s good for business incubators – and their clients – to be able to quantify themselves, to have numerical measures of their successes, failures and areas that are OK but could be better. Thus, we have key performance indicators. But some organizations become so obsessed with numbers that tracking them takes time away from core functions, writes Alexis Dormandy in The Daily Telegraph. In most cases, he says, there are five KPIs that demonstrate the difference between successful organizations and unsuccessful ones:
- Does the customer like your product?
- How good are you at getting new customers and keeping them?
- Can you sell it for more than you can make it?
- Can you deliver on time?
- Cash on hand
If businesses concentrate on those performance indicators, Dormandy says, much of the rest will take care of itself.
Click here to read his entire column.