Non-Financial KPIs To Consider

As a business owner, setting KPIs is essential in order to monitor progress and nurture growth. While it is natural to gravitate towards financial benchmarks such as profit margins and year-on-year revenue growth, there are also non-financial related KPIs that are equally as important.

Here are just some of the other areas of business that are equally important and should be observed formally. 

Safety

Certain industries require more stringent safety precautions than others, however, safety is essential for all businesses. In order to protect staff wellbeing, it is important that safety is prioritised. As well as this, there are a number of financial implications of a bad safety record, including staff making accident claims and increased recruitment and training costs.

Some examples of safety KPIs include staff overtime, number of reported incidents, and average incident resolution time. 

Data

It is no secret that data is king for a lot of businesses. This could include customer data to help create more targeted adverts, or sales data to help determine whether certain products need to be stocked more. The more data your business is able to collect, the more savings and improvements can be made. 

Data KPIs could include the number of customer contact information obtained or the frequency of data reviews. With any data indicators, it is vital that your business still complies with GDPR. 

Culture

Although it may feel most important to track quantifiable elements such as data or safety incidents, there are other areas of business that are equally as vital to monitor. Company culture has a knock-on impact on so many areas within an organisation. If staff are unhappy, productivity is impacted, as is profitability and overall employee satisfaction. 

In order to keep track of how company culture is, goals and visions must first be clearly defined. While company culture is hard to accurately monitor, it can be done relatively effectively by surveying employees regularly to understand how they feel and identify areas for improvement. Making the survey anonymous will encourage people to answer more honestly. 

Customer

Customers are arguably the most important stakeholder for any business. A business needs to know several things about customers, from their perception of the brand to their shopping habits. Similar to culture, it can be more difficult to track how customers feel about a brand, however, utilising surveys is a good way to do this.

Sales are easier to track as they can be numerically categorised. Paying attention to when certain products or services are more popular among customers will allow for better stock planning. Doing so can also allow for discounts to be tailored and offered during quieter periods.