Every business desire to grow and dominate its market. However, business growth hinges on consistently measuring performance to see how the business is doing and determine whether to optimize performance or implement change. 

This is where KPI (key performance indicators) targets come in....

There are many possible KPIs for every business objective and management should carefully consider the following:

• Topics that executives need to discuss, e.g., profitability or productivity.

• KPIs that already exist and those that need to be established.

• Improvement requirements, e.g.,...

 The best strategy management methodologies like Balanced Scorecards (BSC), Objectives Key Results (OKR), Management by Objectives (MBO), and Objective-Goals-Strategies-Measures (OGSM) have many similarities.

They help connect the strategy parts in a logical and systematic way.

Increase...

 A well-designed strategic plan relies on establishing targets that are designed to stretch and push an organization forward in meeting its objectives. Setting targets allows organizations to:

• Ensure individuals focus more clearly when given a quantifiable target

• Encourage departments to...

There are many types of KPI. It is important to keep a balanced perspective by selecting KPIs that cover the breadth and indicate the health of an organization. For example, when a doctor sees a new patient, they will conduct a series of measurements, such as blood pressure, height and weight,...

It is fairly easy to find suitable financial KPIs for an organization, such as a measure of total revenue. But defining KPIs is less straightforward when applied to more subjective or vague areas of a business, such as customer satisfaction or employee development.

In these instances, more...

 Many companies are rediscovering the criticality of measurement as an important management tool. "You simply can't manage anything you can't measure," says Richard Quinn, vice president of quality at the Sears Merchandising Group. In terms of motivation, KPIs do help motivate an...

 A well-designed strategic plan requires establishing of targets that are designed to stretch and push the organization forward in meeting its strategic objectives. One common place to start in setting a target is to look at past performance and current baselines. Past trends can be extended...

 In public sector, there has also been a worldwide interest in the models of so-called “New Managerialism” and “New Public Sector Management”. These models are based on a fundamental concept that public sector organizations can borrow many of the management strategies...

When it comes to business success, there are three key concepts that are often discussed: Corporate performance management (CPM), Strategy execution and HR appraisals.

But what is the difference between these three concepts, and how do they work together to drive business success?