Selecting the right key metrics depends on various factors:
Business Model Different business models require different metrics. For example, a SaaS company might focus on MRR and churn rate, while a retail business might prioritize inventory turnover and sales per square foot.
Stage of the Business Early-stage startups might focus more on growth metrics like customer acquisition and market penetration, while mature businesses might prioritize profitability and efficiency metrics.
Industry Standards It's essential to consider industry-specific benchmarks and standards when choosing key metrics. This helps in making meaningful comparisons and setting realistic goals.