Guide

Measure performance and set targets

Introduction

Once your business is established and financially secure, you need to think about how to grow or improve it.

Regularly reviewing your business' progress will give you an idea of how you can benefit in your current market, access new customers and find new business opportunities. However, it is important that you understand how to correctly review and assess your business performance to make the most out of the information available to you.

A performance measurement system is an important way of keeping track of your business' progress. This should give you reliable information about business performance and allow you to set targets for implementing your growth strategies. You should update your business plan with your new strategy and make sure you introduce the developments you have noted.

This guide sets out the business benefits of performance measurement and target-setting. It shows you how to choose which key performance indicators (KPIs) to measure and suggests examples in a number of key business areas. It also highlights the main points to bear in mind when setting targets for your business.