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A practical guide on how to find a KPI for people, project, business goal. Check out the step-by-step approach to the indicators that we recommend. Read more http://www.bscdesigner.com/find-a-kpi-for.htm
To support intuitive guesses with the
To understand the nature of the project
To have early-warning signals and
prevent big losses
To see that we are on the right track in
Step 1 – Understand business context
Step 2 – Prepare an action plan
Step 3 – Find proper leading and lagging
Step 4 – Load indicators with the details
Step 5 – Automate with the software
Before looking for KPIs you need to
understand the business context well,
answer these questions:
› What is your business goal?
› What are the success factors?
› What results do you expect to achieve?
Business goal: get more leads interested
in our service.
Success factors: find effective and
efficient marketing tool to generate new
Expected results: leads converted into
How are you going to achieve business
goal from Step 1?
› Do we have a clear action plan?
› What tools will be used?
› What factors are important for successful
› Ask your team a number of “How?” and
“What?” questions to make sure they know
how to achieve the goal.
Our action plan will be:
› Research current market and formulate
› Find cost-effective way to deliver our
message to the prospect clients.
› Work with generated leads and convert
them into clients.
The business goal from Step 1 that you
want to achieve has:
› Factors that determine the success of
execution (leading metrics);
› Factors that confirm that expected results
were actually achieve (lagging metrics);
› Make sure that you has at least one leading
and one lagging metric for your business
If you are not sure about success factors and
expected results, then return to the steps 1 – 2 to
research the topic more.
• For the part of action plan “Research current
market and formulate attractive proposal” we
have the following indicators:
Leading indicator: the number of prospects who
participated in the research.
Lagging indicator: prospects that contacted us
for the details.
By now you should have a set of:
› Clear defined business goal
› Action plan
› At least one leading indicator (success factor)
› At least one lagging indicator (expected results)
Make sure that indicators:
› Are measurable and your team know how to
get the value for them;
Are actually linked to the business problem that you are
trying to solve, if not, return to the step 1.
› Business goal: get more leads interested in
› Action plan: research current market and
formulate attractive proposal.
› Leading indicator: the number of prospects
› Lagging indicator: prospects that contacted
us for the details.
KPIs won’t work if they are not automated
with user friendly software:
› If you have 2-3 KPIs use MS Excel
› If you have more KPIs and complex business
context, use professional Balanced Scorecard
software (for example, BSC Designer)
› Build strategy map where business goals are
linked with each other
› Align KPIs and action plan with each business
Make sure that you have some
supporting documentation that
summarizes the results of steps 1 - 5.
Make sure that the cause-and-effect
connection between various business
goals is defined.
Make sure that you have an action plan
that includes “What if this KPI is in the red
Good KPI is aligned
context and action
Good KPI helps to
Good KPI is updated
(depending on the
Bad KPI is not
Bad KPI is used for
Bad KPI is updated
annually or is not
updated at all.
After following steps 1-5 you have
aligned leading and lagging indicators
with your business goal.
Repeat the process for other business
goals to find more indicators and to
make your business more trackable.
How to find a KPI for...? | WWW.BSCDESIGNER.COM
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