Welcome to my weekly articles on business building. In this article I introduce Key Performance Indicators (KPIs), what they are, and why they are important to the ultimate success of a business. Tracking, measuring, and acting on KPIs can ensure owners create profitable, sustainable, and ultimately valuable .and therefore sellable businesses. Data-based decision making is the key to creating a successful business, and KPIs drive that process.
Most owners get one chance to get it right and being ill prepared should not be an option, yet most owners cannot sell the business they built (only 1 in 10 are actually successful) because they did not build a salable asset. If you must sell your business to fund your future lifestyle, ask yourself – do you want to be the one that does, or one of the nine who could not?