Many organizations fail to understand the importance of creating a culture that is healthy and values results.
This article discusses how you can gauge your organization's health, and how to solicit change to your company's culture.
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The new trade agreement between the US, Canada, and Mexico will benefit small businesses.
This article discusses what benefits small business owners can find in the new NAFTA.
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There is no question that positive customer experience directly correlates with your business's success.
This article discusses four things your business can do in order to provide outstanding customer experiences.
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Family businesses are full of ups and downs, and managing your family in a business setting can be difficult.
This article discusses five tips you can use to make running your family business a little easier.
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For a small business, websites are a way to attract customers, enhance outreach, and market your product to almost anyone that has access to the internet. However, small business owners can make mistakes when it comes to building a website.
This article discusses the potential mistakes a small business owner may make, and how to avoid them.
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U.S. economic interests may take a significant blow if the U.S. continues to impose tariffs on Chinese manufactured goods.
This article explains how business leaders across the U.S. are feeling about the continued trade war, and how the government is responding.
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Success can come in many varieties, but the foundational traits in a successful person are similar.  
This article discusses the correlation between your life habits and your success, and explores the three traits that are necessary for success.
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Family businesses are being forced to innovate and change, and those that act quickly and decisively usually deliver better results.
This article explains the need for constant innovation, the importance of relying on older generations, and what it takes to disrupt an industry.
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Partner buyouts have become much more reasonable, as the SBA has changed a rule that will now allow a buying partner to qualify for a loan without fronting equity.
This article discusses the new adjustments, and why it is now easier to buy out a partner.
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Key Performance Indicators, also known as KPIs, are core measurements that businesses use to monitor progress toward achieving goals and targets. KPIs, which vary widely by industry and entity structure, can be used to monitor and track all aspects of a business. Management teams pay close attention to KPIs, looking for anything out of line that indicates action is required. In this two-part series on KPIs, we’ll look at the difference between KPIs and metrics, methods for choosing KPIs, how to define KPIs and the best ways to track and communicate findings. 
Metrics versus KPIs: What’s what? 
KPIs and metrics are often conflated because all KPIs are metrics, but not all metrics can (or should) be considered KPIs. 
Metrics are data driven, quantifiable measures that track performance. Created from data compiled periodically (such as accounting-based metrics) or continually from a live data source, metrics allow businesses to monitor progress toward achieving goals and objectives. 
How to determine which metrics qualify as KPIs? 
Peter Drucker, one of the most widely influential thinkers on the subject of management theory and practice, wrote “What gets measured gets managed.” As such, not every metric is truly “key” for your business. If you treat all metrics as equal and don’t differentiate between what really matters, then nothing will stand out and you’ll manage everything equally. This is why it is critical to select the metrics most important to you and your business and designate those as your KPIs. 
Metrics Still Matter 
Your KPIs might be your most important metrics, but this doesn’t mean the other metrics don’t matter. When something goes awry with one of your KPIs, you’ll need to dig into other metrics to understand the problem, identify the root cause and correct course. 
Mirror, Mirror on the Wall: Who’s Performing Best of All? 
Not everything your business gauges will be an accurate measure of performance. Metrics that feel good to track but don’t have much impact on progress are often called “vanity metrics.” Vanity metrics are fun to get excited about, but they don’t actually provide much value or insight. 
The entire point of carefully selecting KPIs is so that you focus on what really matters to your bottom line. 
How to choose KPIs that matter 
Delivering the right metrics to the right people at the right time allows you and your team to collaborate, make decisions and take actions based on data. KPIs can go beyond just providing focus to create a cohesive unity among your team in working toward a common objective, but only if they are well defined and easy to comprehend. Next month we’ll look at how to transform a bunch of numbers into something actionable and meaningful. 
Before we get into the specifics, the simple way to drill down and select a handful of metrics is by asking two central questions. First, what are you trying to achieve and, second, how will you know if you’ve achieved it? 
Stay tuned next month for a continuation of this discussion and more answers to your questions.
