KPI means Key Performance Indicator.
Do you know what the Key Performance Indicators for your family business?
Successful family businesses do a better job of understanding the KPIs for their business according to leading family business expert
“Family business owners tend to have a keen sense of 'how things are going' in their business – an intuition for knowing when there is something amiss.”
“As the business grows in size and complexity, we find family business owners keeping spread sheets on the KPIs for their family business.”
“From an Operations Management perspective, that simply makes good sense 'Define – Measure – Improve' becomes the mantra for growing a family business in size and profitability. Measuring performance and creating internal benchmarks are simply smart strategies.”
Schwerzler has been studying and advising family business entrepreneurs for more than 40 years and is the founder of the
Family Business Institute
which is headquartered in Atlanta GA.
One problem for many family business owners is that their business tends to be a “hermitically sealed” environment when it comes to exchanging operational information with other businesses. Some trade organizations encourage their members to compare their operations with industry standards, but these comparisons are often like comparing apples and oranges – they are too general or too vague to be meaningful.
Another option we recommend our family business clients consider is Mirror 42 – they offer KPI Dashboards, KPI Library and KPI Benchmarks.
“Making your family business smarter" is getting easier by using inexpensive and easy to use software,” notes Schwerzler. “Mirror 42 helps a family business entrepreneur visualize where they are against where they should be!”
Have questions about your family business – contact our Family Business Help Desk for a fast and confidential response!
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