This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/10/14/startup-founders-should-focus-on-managing-expectations-before-managing-kpis/
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by Manni Sidhu, Co-founder and CEO of Coleegs, and William Gilchrist, Founder and CEO of Konsyg
A new challenge has bloomed for founders and managers in the Covid-19 era –how do they set key performance indicators (KPIs) for the years ahead?
The start of a new quarter prompts common questions from start-up founder’s and executives across Asia: What are our revenues and sales targets? How do we achieve our intended goals?
These same decision makers are now being forced to answer an alternative set of questions: Which staff do we retain, furlough, or layoff? Will our funding dry out? How much further will our revenues drop?
We identified three fundamental areas where founders need to direct their attention over the coming 12 months, in order to set the stage for KPIs to create positive outcomes.
Retention of Staff.
A recent report from research and policy advisory organisation ‘Start-up Genome’ suggests the COVID crises has forced nearly three quarters of global start-ups to layoff or furlough up to 60% of their staff.
Compounded with recent events – start-ups top priority should be staff retention, not sales.
Employees are the foundation of any firm – the first KPI any company should focus on over the next 12 months is to bring stability back into the firm, and reduce annual turnover. In order to develop and execute KPIs across businesses functions – a stable, motivated crew must be at the center of operations.
Demonstrate inclusive leadership, and include the entire team in the decision-making process – not just top down. Having all staff from top to bottom involved in decision-making fosters team spirit, and motivates employees to be part of the turnaround.
Don’t cut costs just at the bottom … Read More
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