Pick your Top 8 KPIs from this list of Top 30 SME KPIs
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Here is a comprehensive list of the top KPIs SMEs:
* Financial Indicators – 10 KPIs
* Business Performance Indicators – 7 KPIs
* Business Generation Indicators – 7 KPIs
* Employer/ee Based Indicators – 4 KPIs
* Risk Indicators – 2 KPIs
This list is by no means comprehensive and there are only indicators – use this information to highlight where to investigate further.
WARNING This Top 30 SME KPIs list is a menu not a banquet
– don’t use all of these at once!
Here is what to do next:
- Step 1 – Don’t use them all!
- Step 2 – Choose 8 and build the data collection and reporting of these top 8 into your weekly reporting routine. It is easiest to setup a spreadsheet where you track the data and then create a set of graphs so you can see improvements. Remember, you can chop and change your top 8 KPIs every six months or so as you focus on new areas of your business – but start by setting up, and then stabilising, a few at a time.
For smaller SMEs the suggested break of your Top 8 is a mix of the following:
• Financial – three
• Performance – two
• Business Generation – one
• People – one
• Any other vital parameter – one
When deciding which 8 are the most important make your choice based on your current business strategy for profitable growth offset with reducing risks to the business.
- Step 3 – If you are a big enough business to have departments then the Director’s ‘Top 8’ will reflect the above list ; however every department should also have its own top 8 which more heavily reflects their departmental focus.
e.g. The sales department may have: Two Financial, Five Business Generation, One Performance ,One People , and One measure for Market Environment.
Top 30 SME KPIs – THE LIST!
10 Financial Indicators
- Profitability – Profit Margin
- Solvency – Current Ratio
- Gearing – Debt to Equity Ratio
- Work-in Progress – WIP Turnover
- Debtors – Debtors
- Fixed Costs – Fixed Cost Ratio
- Variable Costs – Gross Margin
- Performance against Budget and Cost – variance reviews
- Costs as a % of Revenue – payroll, advertising & marketing
- Costs per employee – rent, stationery, travel, phone etc.
7 Business Performance Indicators
- Performance against SLAs
- Quality of product or service
- Response Rates – Inquiries to customer resolution
- Accuracy of reporting – Tax office reports, Payroll runs, etc
- Number of Compliance Breeches
- Service Availability metrics – up-time, speed, errors etc.
7 Business Generation Indicators
- Revenue breakdown by Customer
- Revenue Breakdown by Service/Product type
- Revenue Sources – lead generation information
- Employee Productivity – Sales per Employee = Annual Sales divided by average number of Full Time Equivalent Employees
- Client and Referral channels – social media, website, forums etc.
- New Business v repeat v referral ratios
- Number of Referrals by source
4 Employer/ee Indicators
- Employee Lifetime Value (ELTV)
- Employer Investment (ROI)
- Training Payback Period – total training (or eduction) cost divided by total monthly benefits (eg increased sales)
- Profit per employee
NOTE these are not personal performance indicators and so they apply to the business overall, not any one staff member.
2 External Indicators
- Risk Levels – Reducing frequency and impact – consider, market, economic, geographic and demographic risks
- Resource availability – what scarcity is impacting inputs into your process
Keep your Eyes on your PRIZE make a Dashboard using this Top 30 SME KPIs