Key Performance Indicator (KPI)....Yippee another acronym!

The $.25 definition: "KPI's evaluate the success of an organization or of a particular activity in which it engages. Often success is simply the repeated, periodic achievement of some levels of operational goal (e.g. zero defects, 10/10 customer satisfaction, etc.), and sometimes success is defined in terms of making progress toward strategic goals. Accordingly, choosing the right KPI's relies upon a good understanding of what is important to the organization..."_{wikipedia.org} 

The obvious question becomes...what are the right KPI's for my business?  It would be simple for us to arm chair quarterback and suggest the "Top 10 KPI's For Every Tour Company!"  But, at the Flybook we are reminded everyday that each company is unique. To suggest the same measurables across the board would be a poor use of your time.  Think about collecting business data that can either positively or negatively affect revenue. Dig deeper than bills, taxes and payroll.

Ideally speaking, objectives should be S.M.A.R.T (...and yet another acronym!):

• Specific – target a specific area for improvement.
• Measurable – quantify or at least suggest an indicator of progress.
• Assignable – specify who will do it.
• Realistic – state what results can realistically be achieved, given available resources.
• Time-related – specify when the result(s) can be achieved.

Once measurable figures are in place you can then work to devise plans or business goals to either off set or maximize their impact and quantify the value in actual revenue (+/-).   The bottom-line questions you should be looking to answer are…how am I using existing numbers to operate and evaluate my business? and what am I doing with the information to ensure future growth?

Use the form below to access a list of measurable thoughts and questions that we have compiled from our customers and experiences that should help get your KPI juices going: