Key Performance Indicators (KPIs)

A Key Performance Indicator (KPI) is a measurable value that indicates progress towards an intended result. Before you get started with creating schedules and charts for tracking your goals, it is important to think about the best metrics to track in order to show progress towards your goal. If you have set a SMART goal, then your goal will have a measurable aspect. What you measure and track depends on the nature of your goal.

“You can’t manage what you don’t measure.”

– Peter Drucker

Quantitative KPIs

Often, the most precise way to measure your progress is quantitative – using figures of some kind. If your goal is to hit a certain sales target, then it makes sense to measure sales as your key performance indicator (KPI). If your goal is to break the record for 500m track running in your club, then you will want to track your finish times when you train. If you want to boost subscriptions to your online service, then keeping track of subscribers is a good way to measure your progress.

Qualitative Monitoring

You can also gather qualitative information to track your progress, such as user reviews for a service you are developing, performance reviews from your line manager, or feedback from colleagues or team members. You might journal about your experience of improving your performance and making progress towards the goal you have set.

Here is an example of a spreadsheet format you could use to help track KPIs. In this case, the tracking is on a monthly basis. You can adapt this to your needs and preferences. See the section below on Tracking Schedules for more ideas about how to use this kind of document.

5.8 Format to track KPIs TABLE – PlainPDF

5.8 Format to track KPIs TABLE – FillablePDF

List your three goals in the first column. Each month, report on your percent complete and colour-code the cell to indicate whether you are on track (green), not on track but not in trouble (yellow), or in trouble (red).

Identify five KPIs (Key Performance Indicators) in the first column, including exemplary, acceptable and unacceptable ranges. Each month, report the numeric value of each KPI and use green, yellow and red highlights to spotlight which range you are in.