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Key Performance Indicators offer a tangible way to measure business performance and track progress toward growth goals. We pull back the curtain on how these metrics can transform decision-making and provide early warning systems for potential problems.

• Pick three key KPIs to monitor monthly for most businesses
• Financial KPIs include gross profit percentage, net profit percentage, and staff wages to turnover ratio
• Stock turnover rate is crucial for retail businesses to avoid locking up cash in inventory
• Non-financial metrics like customer satisfaction and operational efficiency are equally important
• Modern accounting software and tools like Fathom make tracking KPIs simpler than ever
• Perception often differs from reality—KPIs provide objective data to counter gut feelings
• Regular monitoring allows early detection of issues, as with a client selling products at a loss
• Accurate, up-to-date bookkeeping forms the foundation for reliable KPI tracking
• Team transparency around KPIs creates alignment and shared purpose
• Industry-specific metrics matter—consult your accountant about which ones apply to your business

If you're struggling to identify which KPIs would be most valuable for your specific industry, drop us a message mentioning your business type, and we'll suggest 3-4 key metrics to start tracking.

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