You can’t run a successful business operation without data. In the retail world, this data often comes in the form of KPIs, or key performance indicators.
KPIs help you monitor progress, set goals, measure goals, and more. If you don’t know what your KPIs are (and if you don’t track them) your business will likely suffer. Here are the performance indicators that every retail business owner needs to monitor.
Measuring retail’s most important KPIs
If you use point-of-sale software, you’re familiar with the sheer amount of metrics that these solutions provide. The good news, though, is that you don’t need to pay attention to every single piece of data. Here are the key KPIs to focus on:
Knowing your KPIs isn’t enough
Just knowing how your key performance indicators are looking isn’t enough. If you want to make sound business decisions it’s important to look at this data in the proper context, which is why you’ll often need to compare different figures side by side.
Some businesses accomplish this with software, others track performance in Excel spreadsheets. But, the one thing they all have in common — they know how important it is to determine their key performance indicators.
Which KPIs do you measure in your business? How has measuring KPIs improved your business? Don’t forget to tell other readers about your experiences in the comments!