KPIs and metrics for Management Consultants and Managers

1
KPIs for Management
Consultants & Managers
Practical guide how to use KPIs to understand &
manage a business

2
Management consultants are brutally efficient
Only things that are measured get managed. That it’s
why it is vital for every business to have well defined
KPIs

3
You will learn in this presentaiton how to use
KPIs to understand and manage your
business

4
How the presentation is
organized

5
Introduction
How to understand the
business through KPIs
How to construct a great
KPI?
How to model the
business in Excel using
KPIs
How to use KPIs to
manage a business?
How to use KPIs to
motivate people?
The presentation consist of 6 sections

6
Theory
Practical tips
Problem sets / Case studies
Examples of tools and analyses in Excel
You will find here 4 types of content

7
KPIs for Management Consultants and
Business Analysts
$190
$19
What you will see in this presentation is a part of my online course where you
can find case studies showing analyses along with detailed calculations in Excel
Click here to check my course

8
To get the most out of the presentation please try to solve the problem
sets / cases studies on your own before going to the solution
Problem set / Case
study
Pause the course and
solve the problem on
your own
Go to next lecture
where you will find the
step by step solution to
the problem set

9
Understanding the business
through KPIs

10
What gets measured gets managed
Peter Drucker

11
Quite often you don’t understand the business. To achieve better
understanding you have to define the drivers of this business and proper KPIs
# transactions
Average
revenue per
transaction
Total revenuex
% Fee of the
marketplace
Average
transaction value
Total searches % conversion
x
x
Total Costs
Total margin
-
Rent
People
Cost of traffic
Ratio of visitors
to searches
Average cost of 1
visit
+
x
Development

12
KPIs help you manage the drivers of your business model
Define Strategy
Pick the Business
Model
Identify drivers Define KPIs Set targets for KPIs

13
In this section we will talk about 3 things
Short example on drivers
and KPIs
Overview of business
models
Cases showing KPIs for
different busines models

14
KPIs and main drivers –
Introduction

15
To understand and analyze business you have to identify the drivers / KPIs
that a key for specific business and translate it into a model in Excel
# transactions
Average
revenue per
transaction
Total revenuex
% Fee of the
marketplace
Average
transaction value
x
x
Total Costs
Total margin
-
Rent
People
Cost of traffic
Ratio of visitors
to searches
Average cost of 1
visit
+
x
Development

16
Imagine that you have to estimate typical family spending's. You can take
into account countless number of factors…..

17
…or you can limit yourself to the most important ones i.e. number of kids,
size of house, main repetitive spending like food.

18
To measure the selected factors you have to use some sort of KPIs
Spending per 1
person per month
per category
# of people in
average family
Average size of the
house in sq. m
Average rent per
sq. m

19
Overview of Business models

20
SaaS
E-commerce
Media site
2-sided market
User Generated Content
Mobile Applications
Retail
B2C Service
B2B Service
FMCG
SMCG
Commodity
There are 6 offline business models and 6 online models. Every
business model has its set of KPI

21
SaaS
E-commerce Media site2-sided market
UGC
B2B Service
B2C ServiceRetail
Bear in mind that big companies can operate many business models

22
In this section you will see how to define KPIs for different business
model
KPIs for a cinema KPIs for a marketplace KPIs for a retailer
KPIs for a SaaS KPIs for a restaurant
KPIs for a consulting
business
KPIs for a FMCG business KPIs for a SMCG business KPIs for an e-commerce

24
Imagine that you were responsible for managing the cinema. What KPIs
metrics you would look at to see whether you are doing a good job?

25
Let’s see what KPIs you should look at
# sold tickets
Average revenue
per Ticket
Total revenue Total Costs
x
Total margin
-
Average price per
ticket
Average additional
purchase per ticket
Total capacity in
tickets
% Utilization
Rent
People
# of People
Average wages
+
+
x x
# of sq. m
Fee per sq. m x

26
KPIs for marketplaces –
Problem

27
Imagine that you were responsible for managing a marketplace for patients
and doctors (i.e. Docplanner). What KPIs you would look at?
Patient DoctorMarketplace
• On-line booking
• Reviews
• Statistics for doctors

28
KPIs for marketplaces –
Solution

29
# transactions
Average revenue
per transaction
Total revenue
x
% Fee of the
marketplace
Average transaction
value
x
x
Total Costs
Total margin
-
Rent
People
Cost of traffic
Ratio of visitors to
searches
Average cost of 1
visit
+
x
Development

30
# transactions
Average revenue
per transaction
Total revenuex
% Fee of the
marketplace
Average transaction
value
x
x
Total Costs
Total margin
-
Rent
People
Cost of traffic
Ratio of visitors to
searches
Average cost of 1
visit
x
Development
Cost of acquiring
partners
# of Suppliers that
have to be acquired
Cost of Acquirng 1
supplier
x
+

32
Imagine that you are responsible for managing a SaaS offering mailing
What KPIs you would look at?

33
Before you move on to the solution just a quick info on the flow of
customers in SaaS
Visitor
Freemium / Trial User
Paid User
Engaged Heavy
User
Ambassador
Conversion

35
Just as a reminder you are responsible for managing a SaaS offering mailing
What KPIs you would look at?

36
# of customers
Average revenue
per customer
Gross Margin
x
% Fee of customer
buying Plan A….
Average price per
Plan A….
# of customers in
the previous period
Net change of
customers
x
-
Total Costs
Total profit
-
Rent
People
Cost of acquiring
customers
+
Development
Customers lost
New customers
Churn rate
CAC per 1 customer
x
-

37
KPIs for a restaurant –
Introduction

38
Imagine that you have to define KPIs for a salad fast food restaurant chain
100 location in Easter
Europe
Fast food for salads
Each and every restaurant
is roughly the same size

39
Main drivers for a restaurant

40
Let’s first look how we could model 1 restaurant
# Guests
Average Purchase
per Guest
Average revenue
per restaurant
Total restaurant
costs
x
Average EBITDA per
restaurant
Average Purchase
per Guest of basic
purchase
Average Purchase
per Guest of
additional purchases
# available seats
per day
% Utilization
Rent
People
# of People
Average wages
+
x
x
Others
+
# of sq. m
Fee per sq. m x
% Gross Margin on
food & drinks
Average Gross Margin
per restaurant
x -

41
Now let’s model the whole chain
EBITDA on
restaurant’s level
Rent
People
# of People
Average wages
x
Others
+
# of sq. m
Fee per sq. m x
Head Office Costs
Total EBITDA
-
# of restaurants
Average EBITDA per
restaurant
x

42
KPIs for a restaurant – Solution

43
Imagine that you have to define KPIs for a salad fast food restaurant chain
100 location in Easter
Europe
Fast food for salads
Each and every restaurant
is roughly the same size

44
Now lets’ look at drivers and pick the best KPIs
# of Guests % Utilization
Average Purchase
per Guest
% Gross Margin
(1+ LFL / same store
growth)
Net change in the #
of restaurants
# of Guests in
thousands
% Utilization = # of
Guests / Available
Seats
Average Purchase
per Guest
% Gross Margin
LFL growth to last year
/ previous period
Net change in the # of
restaurants
% change in # of
guest to last year or
previous period
Change in percentage
points in % utilization
% change in Average
Purchas to last year /
previous period
points in % Gross
Margin to last year
Net change in
revenues
points in % Gross
Margin to Plan

45
Cost position level
Cost position to
sales
% increase in cost
level vs last year /
previous period
% increase in cost
level to % increase
in sales
Food inventory
level
Food inventory in
Days of Sales
% of food thrown
away
Profitability
% EBITDA
% Gross Margin
% EBITDA on
restaurant level

46
KPIs for a retailer – Problem

47
Imagine that you are working for a retailer based in Easter Europe
The market is growing organically
The retailer is opening a lot of new
stores
The have e-commerce

48
Main drivers for a retailer

49
Let’s first look how we could model 1 store
# Transactions
Average Value
Transaction
Total store revenue Total store costs
x
Store EBITDA
Average Value
Transaction of basic
purchase
Average Value
Transaction of
additional purchase
# of Visitors % Conversion
Rent
People
# of People
Average wages
+
x
x
Others
+
# of sq. m
Fee per sq. m x
% Gross Margin
Gross Margin generated
by the store
x -

50
KPIs for a retailer – Solution

51
Now let’s model the whole retail chain
# of stores –
current period
Average Sales per 1
store – current
period
Total Revenues Total store costs
x
EBITDA on stores level
Average Sales per 1
store – previous
period
growth)
# of stores –
previous period
Net change in the
number of stores
Rent
People
# of People
Average wages
x
+
x
Others
+
# of sq. m
Fee per sq. m x
% Gross Margin
by the store
x -

52
Now let’s model the whole retail chain
EBITDA on stores
level
Rent
People
# of People
Average wages
x
Others
+
# of sq. m
Fee per sq. m x
Head Office Costs
Total EBITDA
-

53
Average
Transaction Value
% Gross Margin
growth)
Net change in the
number of stores
# of Visitors in
thousands
% Conversion
Average
Transaction Value
% Gross Margin
LFL growth to last
year / previous
period
Net change in the
number of stores
% change in # of
visitors to last year
or previous period
Change in
percentage points
in % conversion
% change in ATV to
last year / previous
period
Change in
percentage points
in % Gross Margin
Net change in
revenues

54
Cost position level
Cost position to
sales
% increase in cost
previous period
% increase in cost
level to % increase
in sales
Inventory Level
Inventory level in
Days of Sales
Average sell-
through ratop at
first price
Dead weight stock
as % of sales
Profitability
% Gross Margin
% EBITDA on store
level
% EBITDA
Cash Generation
EBITDA to debt
ratio
Cash generated to
EBITDA
Dead weight stock
as % of all
inventory stock

55
KPIs for a consulting business –
Problem

56
Imagine that you have to define the KPIs for a mid-size consulting firm
It’s a partnership structure
They charge customer by the hour
sold
They have fixed number of
consultants

57
Main drivers for consulting
business

58
Consulting is a service business. The typical model of a service
model can be presented using the following logic
 % Utilization# hours
available
# of billable
hours
Revenues
Gross
Margin
Operational
Profit
Net Profit
 Hourly fee
 HQ costs Bonuses
 Interest
 % Gross
Margin
 Wages

59
KPIs for a consulting business –
Solution

60
Just as a reminder you have to define the KPIs for a mid-size consulting
firm
It’s a partnership structure
They charge customer by the hour
sold
They have fixed number of
consultants

61
Below the main drivers for the consulting business model
# of billable hours
Average fee per
hour
Total Revenues Total Costs
x
Basic fee per hour Surcharge
Hours available % utilization
Rent
People
# of People
Average wages
x
x
x
Others
+
# of sq. m
Price per sq. m x
Operating profit
-

62
Hours available % utilization
Average fee per
hour
Pipeline New customers New products
Man-hours in
thousands
% utilization
Average fee per
hour
Value of potential
projects
Man-hours in
thousands from new
customers
Man-hours in
thousands from new
products
# of consultants
Change in
percentage points
in % utilization
% increase to basic
fee per hour
# of potential
billable hours from
potential projects
Net change in
revenues
Revenues from new
customers
Revenues from new
customers as % of all
revenues

63
KPIs for a FMCG business model
– Problem

64
Imagine that you have to define KPIs for a cosmetics producers.
2 brands. 1 stong in Poland
the other in Romania.
No e-commerce.
Penetration in some regions
is stronger than in others.

65
Main drivers for FMCG model

66
The FMCG business model is driven by some basic KPIs
# sold
Unit production
cost
Gross Margin Head office
Operational profit
Fixed Cost /
Quantity produced
Unit variable cost
+
Cost of sales &
marketing
Net Margin
-
-
Average price
Unit Gross Margin
-
x
Market share Market size

67
KPIs for a FMCG business model
– Solution

68
Imagine that you have to define KPIs for a cosmetics producers.
2 brands. 1 stong in Poland
the other in Romania.
No e-commerce.
Penetration in some regions
is stronger than in others.

69
# sold Unit Gross Margin
Cost of sales &
marketing
Brand awareness New products Reach
# of pieces sold
Gross Margin per
piece sold
Cost of sales &
marketing as % of
Sales
Top of the mind
brand awareness
% of sales generated
by new products
Weighted
distribution
% Market share % Gross Margin % Net Margin
Supported brand
awareness
Numeric distribution
Average price sold
% Discount given to
retail chains
NPS score
% of Net Margin
generated by new
products

70
Cost position level
Cost position to
sales
% increase in cost
previous period
% increase in cost
level to % increase
in sales
Working capital
Level
Inventory level in
Days of Sales
Receivables level in
Day of Sales
Payables in Days of
Production
Profitability
% Gross Margin
% Net Margin
% EBITDA
Cash Generation
EBITDA to debt
ratio
Operational cash
flow to EBITDA
Dead weight stock
as % of all
inventory stock
Dead weight stock
as % of sales
Capex to EBITDA

71
KPIs for a SMCG business model
– Problem

72
Imagine that have to define KPIs for a smartphone producer
He operates in Easter Europe
Products are sold to mobile phone
operators and end customers
His customer use the product for 2
years on average

73
Main drivers for SMG business
model

74
The SMCG business model is driven by some basic KPIs
# sold
Unit production
cost
Operational profit
Fixed Cost /
Quantity produced
Unit variable cost
+
Cost of sales &
marketing
Net Margin
-
-
Average price
Unit Gross Margin
-
x
Market share Market size

75
KPIs for a SMCG business model
– Solution

76
Imagine that have to define KPIs for a smartphone producer
He operates in Easter Europe
Products are sold to mobile phone
operators and end customers
His customer use the product for 2
years on average

77
Cost of sales &
marketing
Brand awareness New products Reach
# of smartphones
sold
Gross Margin per
piece sold
Cost of sales &
marketing as % of
Sales
Top of the mind
brand awareness
by new products
Weighted
distribution
% Market share % Gross Margin % Net Margin
Supported brand
awareness
Numeric distribution
Average price sold
% Discount given to
retail chains
NPS score
% of Net Margin
generated by new
products

78
Loyalty base
End-customer
share
# of registered
customers
% share of
revenues generated
by end-customers
% of registered
customer that re-
bought phone
% share of Net
Margin generated
by end-customers
% of phones sold
directly to end-
users
Cost position level
Cost position to
sales
% increase in cost
previous period
% increase in cost
level to % increase
in sales
Working capital
Level
Inventory level in
Days of Sales
Day of Sales
Payables in Days of
Production
Profitability
% Gross Margin
% Net Margin
% EBITDA
Cash Generation
EBITDA to debt
ratio
Operational cash
flow to EBITDA
Dead weight stock
as % of all
inventory stock
Dead weight stock
as % of sales
Capex to EBITDA

79
KPIs for a commodity producer
– Problem

80
Imagine that you have to define KPIs for a plywood producer
3 plants
Wood supplies done by
independent suppliers
Sales done via
wholesalers

81
Main drivers for Commodity
business model

82
The commodity business model is driven by some basic KPIs
# sold
Unit production
cost
Operational profit
Fixed Cost /
Quantity produced
Unit variable cost
+
Cost of sales &
marketing
Net Margin
-
-
Average price
Unit Gross Margin
-
x
Customer
catchment area
Supplier
Catchment
Area

83
KPIs for a commodity producer
– Solution

84
Imagine that you have to define KPIs for a plywood producer
3 plants
Wood supplies done by
independent suppliers
Sales done via
wholesalers

85
Cost of sales &
marketing
New products
Added value
products
# of m3 sold
Gross Margin per
piece sold
Cost of sales &
marketing as % of
Sales
by new products
by added value
products
% Utilization of
production
capacity
% Gross Margin % Net Margin
% of Net Margin
generated by added
value products
Average price sold
% Discount given to
retail chains
% of Net Margin
generated by new
products
Pipeline
# of months for
which we have sold
the production
# of m3 booked for
the next months

86
Cost position level
Cost position to
sales
% increase in cost
previous period
% increase in cost
level to % increase
in sales
Working capital
Level
Inventory level in
Days of Sales
Day of Sales
Payables in Days of
Production
Profitability
% Gross Margin
% Net Margin
% EBITDA
Cash Generation
EBITDA to debt
ratio
Operational cash
flow to EBITDA
Dead weight stock
as % of all
inventory stock
Dead weight stock
as % of sales
Capex to EBITDA

87
KPIs for an e-commerce –
Problem

88
Imagine that you have to define KPIs for a e-commerce player selling mainly
fashion products
3 e-commerce stores
6 markets
No physical stores

90
The e-commerce business model is driven by some basic KPIs
# Transactions
Average Value
Transaction
Total revenues
Selling, General &
Administrative costs
x
EBITDA from e-
commerce
Average Value
purchase
Average Value
Transaction of
additional purchase
# of Visit % Conversion
Cost of Acquiring Traffic
Logistics costs
# of delivered parcels
Cost per 1 parcels
+
x
x
Others
+
# of paid visits
Cost per 1000 visits x
% Gross Margin
by e-commerce
x -
People in the Head -
office & Development

91
KPIs for an e-commerce –
Solution

92
Imagine that you have to define KPIs for a e-commerce player selling mainly
fashion products
3 e-commerce stores
6 markets
No physical stores

93
Business Analysts
$190
$19
For more details and content check my online course where you can find case
studies showing analyses along with detailed calculations in Excel

95
What is a good KPI –
Introduction

96
In this section we will talk about the following issues
The definition of a good KPI Vanity Metrics SMART KPIs
Alignement of KPIs Cascading KPIs Leading vs Lagging KPIs
Input KPIs vs Output KPIs Proxy KPIs
How to set the value for
KPIs

97
The definition of a good KPI

98
A good KPIs has certain characteristics
It’s not vanity metric
It’s SMART
Assigned to specific person
or a team
You use it to manage /
motivate and take
decisions
KPIs are alligned in the
organization with main
business goals
You report and analyze it
on regular basis
Influence your bonus
The person knows the KPI
and can influence it

100
Vanity metrics are extremely dangeours for your business
 Metrics designed to be impressive yet not
actionable or relevant to the goal of the business.
 Can be easily manipulated
 Don’t move your business into the right direction /
you are wasting your effort on the wrong things
Vanity metrics =

101
Let’s have a look at 2 examples
Vanity
Metrics
 # of followers
Facebook page
 # of total customers
SaaS business
Better
Metrics
 Engagemnet Level i.e. Counted as a sum of
likes, comments, shares, other reaction
 Engagement rate = Engagement level / # of
followers
 Net gained customers for a given period (# of
customers gained - # of customer lost)
 % Growth of net customers = Net gained
customers / # of customers at the begining of
the period

102
SMART KPIs – Introduction

103
As we said the KPIs have to be S.M.A.R.T. We will explain what it means
in practice in the next lectures
SMART goals
How to apply SMART
methodology to KPIs –
general rules
How to apply SMART
methodology to KPIs –
example

105
S
M
A
R
T
Specific – target a specific area for improvement
Measurable – it has to be quantifiable; you have to have a way of measuring it
Assignable – it says who will do it
Realistic – it can be delivered
Time-related – it says when it has do be delivered / by which dates
The SMAR formula translates to 5 rules you should use when
defining the goals

106
Goals for ordinary tasks Goals for skills
 Avoid vague tasks
 Always for projects set deliverables, dates and
responsible persons
 Merge the task with the goal on the to-do list and set
the right pace to a achieve the goal within the defined
time
 Set goals for improving your skills
 Set goals for learning new things
 Set goals for making the repetitive things faster and
better
SMART goals should be set for the task but also for skills

107
Imagine that you want to write a book. Let’s translate it into
task with SMART goals
Imagine that you
want to write a book
Define the size
of the book and
deadline
Divided into
small tasks
Make the tasks
SMART
Set the pace and
execute
 200 pages
 1 page = 800
characters
 Time= 1 year
 Write pages  Write 1 page
every day
 Measure every
week completion
rate against the
target (1
page/day=7
pages/week)
 If necessary act
to keep the pace

108
By comparing your results and benchmarks you can decide
what to improve, work on
Internal
 Learn
Spanish
 Speed of
typing
Area Unit
Current
result
 Level
 words/
minute
 0
 40
n/a
39
External
Intermediate
80
 Sing-in the course
 Listen to Spanish TV 30 minutes
every day
 Enroll into a on-line course
 Devote 15 minutes every day to
training
Target
 Intermediate
in 2 years
 Achieve 60
words/minute
In 3 months
Actions

109
Map your skills, experience, skills and set goals where you
want to be
 Sales projects
Experience
 1
# of projects
Current Target
 4
Industry
Current Target
 Marketing projects  2  6
 Supply chain projects  2  2
 Production projects  3  3
 HR projects  0  1
 Excel
Skills Lowest Level Highest level
 Negotiation
 English
 Optimizing production
 Setting up on-line
marketing campaigns

110
SMART KPIs – General
definition

111
S
M
A
R
T
Specific – target a specific area for improvement
Measurable – it has to be quantifiable; you have to have a way of measuring it
Assignable – it says who will do it
Realistic – it can be delivered
Time-related – it says when it has do be delivered / by which dates
As we previously said the SMART rule is not only great for goals
setting but also for defining KPIs

112
S
M
A
R
T
 Specific – targets a specific area, is well defined (by some formula), we know what is the
source of data for calculation and who will calculate it. We specify the units and dimensions
of KPI
 Measurable – it has to be quantifiable; you have to have a way of measuring it preferably
described with a mathematical formula
 Assignable – it says who is responsible for delivering the results that the KPI describes. This
person / team can impact the level of KPIs – has the power and resources to do that
 Realistic – it can be delivered
 Relevant – it is linked to the main goals of the business
 Time-related – it says for which period it is calculated, when it has do be calculated/ by
which dates
Let’s first modify a little bit the definition

114
S
M
A
R
T
 Specific
 Measurable
 Assignable
 Realistic
Relevant
 Time-related
Let’s first modify a little bit the definition
Churn Rate
 Churn rate on revenues, calculated by Baremetrics using our financial data at the
end of every month
 Calculated in percentage in reference to the revenues from the previous period
 Expressed in percentage
(Net revenue from new customers+ Net additional revenue from current
customers i.e. from upgrades – Net revenue lost due to the loss of customer)
Net revenue from the previous period
 Responsible for the level of the churn rate is the Growth Team that is responsible
not only for acquisition but also retention
 The main goal of the firm is the EBITDA that heavily depends on churn rate. The
smaller the churn rate the bigger the EBITDA
 The churn rate can be calculated automatically on daily basis

115
Alignment of KPIs – Introduction

116
Alignment is extremely important. Here we will discuss what it is
 Alignment is arrangement in a straight line, or in correct
relative positions
 For business it means that the goals are connected in the
proper manner and actions are coordinated
 For a KPI it means that it is aligned with strategy /
strategic goals. Such a KPI shows you whether you are
closer to archiving those goals
 KPIs should be also aligned between each other
Alignment of KPIs =

117
Let’s imagine that you wanted to check whether there is an alignment
between business goals and KPIs given to board members
Market Capitalization
Operational Cash flow
Low Debt Level

118
Let’s see at KPIs for the board of Directors
Sales Director 1
CEO
Marketing Director 1 R&D Director 1 COO 1
 Sales Value  Sales Value
 Market Share
 # of products introduced  Cost per unit
 Market Capitalization

119
Alignment of KPIs – Solution

120
Just as reminder you were to check whether there is an alignment
between business goals and KPIs given to board members
Low Debt Level

121
Sales Director 1
CEO
 Market Share

122
Let’s see whether we can define more aligned KPIs for Board Members
Sales Director 1
CEO
 EBITDA
 % Gross Margin
 Receivables in Days of Sales
 Inventory in Days of Sales
 EBITDA
 Market Share
 Brand Awareness
 NPS on our brand
 EBITDA created by new
products (for the last 3
years)
 % growth of sales on new
products
 EBITDA on products created
in our own factories
 Payables in Days of
Production
 % EBITDA
 EBITDA
 Debt to Equity
 Operational Cash flow to
EBITDA
Low Debt Level

123
Cascading – Introduction

124
When you look at the structure you have delegation of work and
cascading of responsibility. In the same way you have to define KPIs
Director
CEO
DirectorDirector Director
Manager ManagerManager Manager
Specialist SpecialistSpecialist Specialist
KPI A
Business
Goal
KPI CKPI B KPI D
KPI B.1. KPI B.3KPI B.2. KPI B.4.
KPI B.3.1. KPI B.3.3.KPI B.3.2. KPI B.3.4.

125
Imagine now that you were to define the KPIs for the Operations
department
You have the KPIs for
Board of directors
You have to define the
KPIs for Directors

126
Previously we have defined the following KPIs for Board Members
Sales Director 1
CEO
 EBITDA
 % Gross Margin
 Receivables in Days of Sales
 EBITDA
 Market Share
 Brand Awareness
 NPS on our brand
 EBITDA created by new
products (for the last 3
years)
 % growth of sales on new
products
Production
 % EBITDA
 EBITDA
 Debt to Equity
EBITDA

127
Now try to define KPIs for lower level directors
Sales 1
CEO
Marketing 1 R&D 1 COO 1
Production Director 1 Logistics Director 1 Purchasing Director 1
Production
Employees
150
Maintenance
Employees
50
Production
Planning
7
Warehouse
Employees
60
Coordination
Center
8
Buyers 15
Purchasing
Planning
7
Production
 % EBITDA
 EBITDA
 Debt to Equity
EBITDA

129
Just as a reminder you were to define the KPIs for the Operations
department
You have the KPIs for
Board of directors
You have to define the
KPIs for Directors

130
We were supposed to do it on the bases of KPIs for COO
Sales 1
CEO
Marketing 1 R&D 1 COO 1
Production Director 1 Logistics Director 1 Purchasing Director 1
Production
Employees
150
Maintenance
Employees
50
Production
Planning
7
Warehouse
Employees
60
Coordination
Center
8
Buyers 15
Purchasing
Planning
7
Production
 % EBITDA
 EBITDA
 Debt to Equity
EBITDA

131
Let’s see how the answer could look like
CEO
COO
 EBITDA on products created in our own factories
 Payables in Days of Production
 % EBITDA
 EBITDA
 Debt to Equity
 Operational Cash flow to EBITDA
Production Director
 EBITDA on products created the factory
 Work in Progress in Days of Production
 % of orders executed according to plan (right quality, right quantity, right time)
 % EBITDA on factory production
Logistics Director
 % of orders delivered according to plan (right quality, right quantity, right time)
 Cost of logistics & warehousing as % of Sales
 Average lead time
Purchasing Director
 % EBITDA
 Inventory of Raw Materials in Days of Production
 Payables in Days of Production

133
Lagging KPIs Leading KPIs
 Based on historical data  Uses early signs to estimate the direction of certain
phenomena ahead of time
When it comes to the ability to act upon KPIs we can divide
them into 2 groups:
 Can be exactly calculated  Only allows for rough estimation
 Quite often you use so called proxy metrics / KPIs – you
cannot measure something ahead of time so you look
for things link to the main phenomena or causing /
predicting the phenomena
 If the KPIs is falling below the target you notice it only
after some times – you react after the damage has been
done
 Leading KPIs enable you to “predict” potential future
and act immediately – part of the damage can be
reverted
 Gives you warning and time to react

134
Lagging KPIs Leading KPIs
 Churn rate in SaaS – percentage of people not renewing
their contract with us
 Engagement Rate – how often he uses the SaaS, how
many minutes he uses the product
Let’s look at some examples
 Money earned by the movie in the first month  Early screening results – it can be for example NPS of
people who saw the movie during early screening or
average rating give by them or probability of them going
to see the movie for the second time
 Money earned by a new product  Results from presale
 Number of people that signed for the waiting list

136
Input KPIsOutput KPIs
 Measures the effort that drives the result / output Measures the output and does not take into account the
effort. The output may be a result of random things outside
of the control of the person responsible for the KPI
You can divide KPIs also into 2 other groups: Output KPIs and
Input KPIs
 Since it measure effort it is more actionable. You know
what to do
 Gives you suggestion whether you should act or not but
does not tell you in what way. You know that there is a
problem but you don’t know how to solve it
 Usually Leading KPI Lagging KPI

137
Output KPIs Input KPIs
 Sales achieved – how much specific person or team
sold during specific period
 # of customer approached – how many potential
customer you have contacted
 Pipeline value – the value of all potential contracts
Let’s have a look at some examples
 # of recruited consultants  # of CV gathered
 # of meetings set up with potential candidates
 # of books sold during first 3 months  # of reviews / blog posts / YouTube movies created
on the book before the launch
 # of interviews given
 # of bloggers / reviewers / YouTubers / journalist
contacted with the information about the book
B2B sales
Consulting
Recruitment
Successful
launch of a
book

139
Proxy KPIs
 Net Promoter Score (NPS) – you calculate what percentage of people where happy with
the product (Promoters) and what percentage were not happy (Detractors). NPS = % of
Promoters - % of Detractors
 Average review on Yelp / Facebook
Quite often you cannot measure something important. In such cases
you have to look for Proxy KPI
 Sales per 1 person from HQ in comparison with competition and previous periods
 Overall Labor Efficiency (OLE) – measures what percentage of available time is spent on
works
 Place in a ranking of employers from your category
 NPS from internal survey among employees
 Turnover rate – % of people that left the job during the year
 Retention level of “stars”
Happiness of
customers
Efficiency of people in
Head Quarter
How good an
employer you are

140
How to set the value for KPIs

141
There are 4 ways in which you can set the value for KPIs
Plan Historical Data
Internal
Benchmark
External
Benchmark

142
Let’s see how we can set KPIs using plans and historical data
Total revenues
from new stores
(Plan)
Average sales per 1
store – historical
data or assumption
# of new stores to
be opened (Plan)÷

143
Let’s see how we can set KPIs using plans and historical data
Last Year sales –
historical data
1+ % growth of the
market size
(Forecast)
This Year sales
(Plan)
1 - % sales
cannibalized (Plan)
1+ % LFL growth
(Plan)
x

144
You can also use internal benchmarks to set the value of KPIs. Below
example of sales for different sales reps.
100
120
140
160
Jon Tom Peter Mike
Current Sales Benchmark / Target
Sales per 1 sales rep
In thousands PLN

145
You can also use internal benchmarks to set the value of KPIs. Below
100
120
140
160
150 150 150
160
Jon Tom Peter Mike
Current Sales Benchmark / Target
Sales per 1 sales rep
In thousands PLN

146
You can also use external benchmarks to set the value of KPIs. Below
2 000
2 200
1 400
1 600
3 000
2 500
1 100
1 500
2 800
Company A Company B Company C Our Company Company E Company F Company G Company H Company I
Sales per 1 person in the Head Office
In thousands PLN
Average = 2 011
80% of Max = 2 400

147
Business Analysts
$190
$19

148
How to use KPIs to model the
business in Excel

149
How to use KPIs to model the
business in Excel – Introduction

150
It’s a good practice to model your business in Excel. For this you use the drivers
and KPIs you have defined
#
transactions
Average
revenue per
transaction
Total
revenuex
% Fee of the
marketplac
e
Average
transaction
value
Total
searches
% conversion
x
x
Total Costs
Total margin
-
Rent
People
Cost of traffic
Ratio of
visitors to
searches
Average cost
of 1 visit
+
x
Development

151
SaaS
E-commerce
Media site
2-sided market
User Generated Content
Mobile Applications
Retail
B2C Service
B2B Service
FMCG
SMCG
Commodity
Since we have different KPIs for different business models also their
model in Excel will look totally differently

152
Overview of case studies you
will be solving in this section

153
In this section I will show you how to model the following business
models using KPIs
Restaurant Business Model
E-commerce Business
Model
Consulting Business Model
SaaS Business Model

154
You can see movies for every model by clicking on one of the box
YouTube movie showing
E-commerce Business
Model
Retail Business Model

155
For every business model we will discuss the main drivers, KPIs, links
between them and later on I will show you how to reflect it in Excel
# transactions
Average
revenue per
transaction
Total revenuex
% Fee of the
marketplace
Average
transaction value
x
x
Total Costs
Total margin
-
Rent
People
Cost of traffic
Ratio of visitors
to searches
Average cost of 1
visit
+
x
Development

156
KPIs
Main challenges
For the online models apart from the Excel model I will discuss
Examples of businesses
Logic flow of customers

157
As said we will start with Restaurant business model that is a an example of a
B2C business model. So we will first explain this general model
E-commerce Business
Model
SaaS Business Model

158
Main challenges in B2C
Services

159
We can be talking about 3 different models here
Services performed at specialized
place no production involved
Services performed at customer
place
place with some production

160
Now let’s move on to 2nd group – services with some production
place no production involved
Services performed at customer
place
place with some production

161
The 2nd type of services (restaurant chains) have to face the
following challenges
Location
Minimizing and
Managing Fixed Costs
Optimizing Capex
Seasonality of
Demand
Upsell and cross-sell
Standardization of
services
Queue ManagementPrice Discrimination
Capacity
management
People rotation and
knowledge
management
Growing customer
base despite
infrequent purchases
Utilization of people

163
When you want to set up a restaurant you have to not only face the
monthly recurring costs but also invest a huge amount of money into the
place

164
Have a look what you will spend your money on long before
opening of the restaurant
Purchase of the place
FurnitureDesign
Kitchen equipemt
Domestic
Appliances
Computer, cash
till, POS
Uniforms for
employees

165
There are plenty of monthly costs that have to be paid every
month
Food and
drinks
Utilities (water,
electricity, gas, waste)
Stock
Rental of the place
Services i.e.
book-keeping
Cleaning costs
Personel

166
Remember that apart from current costs you usually froze a lot
of cash in the stock

167
Let’s have a look at the simple model
 Number of meals per
day
 Number of days
Restaurant
# of
transactions
Revenues
Gross
Margin
Net Margin
Operating
Profit
 ATV - average
 Cost of marketing
 Franchising Fee
 Other Variable costs
 Fixed Costs
 % Gross
Margin
 % Food
ratio

168
Before we go to Excel let’s talk about the logic we used to
build the Excel model
 Conversion rate to
consumption at the
restaurant
 Conversion rate into
takeaways
Visits
# of
transactions
Revenues
Gross
Margin
Net Margin
Operating
Profit
 ATV for both
subgroups
 Cost of marketing
 Franchising Fee
 Other Variable costs
 Fixed Costs
 % Gross
Margin
 % Food
ratio

169
Business model of B2C
Services in Excel

170
The retail business model is driven by some basic KPIs
# Transactions
Average Value
Transaction
Total store revenue Total store costs
x
Store EBITDA
Average Value
purchase
Average Value
Transaction of
additional purchase
Rent
People
# of People
Average wages
+
x
x
Others
+
# of sq. m
Fee per sq. m x
% Gross Margin
by the store
x -

171
Introduction to e-commerce

172
In e-commerce you will have 3 types of players depending on
their presence in off-line and their approach to both channels
E-commerce
Pure players
Off-line players with
separate on-line presence
Multichannel /Omni
players

173
Customer behaviors has huge impact on the business model and
on what the e-commerce should concentrate on
 Less than 40% of the buyers will buy this year
 Focus is on customer acquisition
 Loyalty program are not good investment
 70% of e-commerce businesses are in this model
Acquisition
mode
Description of the business model Examples
 E-commerce selling only 1 type of Slow Moving
Consumer Goods (SMCG) bought infrequently i.e.
vacuum cleaner, scuba diving, furniture
 E-commerce for 1-time in the life event: strollers,
 40%-60% of the buyers will buy this year
 You have a nice mix of new and returning customers
 Focus is on customer acquisition as well increasing the
value of the customer (increased frequency and
increased purchase per visit)
Hybrid mode
 E-commerce that sells SMCG with relatively big
frequency of purchase(1.0-2.5 times a year ) i.e.
shoes (Zappos)
 More than 60% of the buyers will buy this year
 Focus is on increasing the value of the customer
(increased frequency and increased purchase per visit)
 10% of businesses are in this model
Loyalty mode
 Very strong brands with high frequency of
purchase (i.e. Zara, Amazon)
 Marketplaces i.e. Udemy, Uber
Source: Lean Analytics: Use Data to Build a Better Startup Faster; A. Croll, B. Yoskovitz

174
Just to remind you some examples of well known e-commerce
businesses
Products sold On-line / Off-line situation
 Virtually everything esp.
books, toys, fashion
Mode
 Pure on-line player  Loyalty mode
 Fashion  Multichannel player  Loyalty mode
 Tickets for events  Pure on-line player  Acquisition mode
 Groceries  Multichannel player  Hybrid mode
 Razors and cosmetics
for men
 Pure on-line player  Loyalty mode
 Fashion  Pure on-line player  Hybrid mode

175
VISIT
PAID DIRECT SEARCH
To understand the logic of e-commerce business model have a look at the
visualization of how it works
RECO ENGINENAVIGATION
BOUNCED
NOT INTERESTED
ABANDONED
UNSATISFIED
ONE-TIME BUYER UNSOCIAL BUYERCALL TO ACTION
OPEN RATE
SEARCH
CART
ADDITIONS
CONVERSION
LOGISTICS, DELAYS
VIRALRETURNING
CAC PageRank
Bounce rate
Sharing rate
Abandonment,
conversion rates
Ratings, delivery issues
Signups
Mail/RSS/TwitterReturning rate
Customer Lifetime Value Transaction size
Emphasis on repurchase rate,
frequency, click-through rate,
lifetime value
Emphasis on
maximizing cart
value, minimizing
acquisition costs
DELIVERY
SHARINGENROLLMENT
Source: Lean Analytics: Use Data to Build a Better Startup Faster; A. Croll, B. Yoskovitz

176
Business model of e-
commerce in Excel

177
Before we go to Excel let’s talk about the logic we used to
build the e-commerce Excel model
 Conversion rate
Visits
# of
transactions
Revenues
Gross
Margin
Net Margin
Operating
Profit
 ATV
 Cost of traffic
 Cost of logistics
 Transaction fees
 Fixed Costs
 % Gross
Margin

178
Introduction to B2B
services business model

179
Due to margins and integration with you we can divide the
B2B services into 3 groups
Professional service Other external servicesOutsourcing of your process
 Lawyer
 Auditors
 Consultants
 Marketers
 Production Process
 Maintenance Process
 Book keeping and reporting
 Shared Service Canters run by
external companies
 Logistics
 IT
 Measuring

180
Main challenges in B2B
Services

181
Let’s have a look at the main challenges in B2B services
Utilization of people
People rotation and
knowledge
management
Upsell and cross-sell
Seasonality of
Demand
Optimizing Capex
and Opex
Automation
Standardization of
services
Price Discrimination
Capacity
management
Productization of
services
Growing new
businesses using
customer base
Minimizing and
Managing Fixed Costs

182
Introduction to service
companies

183
Service companies in general are all about converting your
workers time into money
Man-hours

184
There are some general rules that you should follow
Measure man-hours
Measure tasks
Stay productive and
efficient
Make sure supply matches
demand
Forecast and create
demand
Manage supply ahead of
time
Make sure that margins are
OK

185
Business model of a
service company in
Excel

186
The typical model of a service model can be presented using
this logic
 % Utilization# hours
available
# of billable
hours
Revenues
Gross
Margin
Operational
Profit
Net Profit
 Hourly fee
 HQ costs Bonuses
 Interest
 % Gross
Margin
 Wages

187
Business Analysts
$190
$19

188
How to use KPIs to manage?

189
How to use KPIs to manage–
Introduction

190
KPIs give you great basis to properly allocate your attention
and money and get the best results from your business

191
In this section I will show you how to manage a business using KPIs.
Before moving to cases I will have to introduce 3 concepts
Backward logic Benchmarks Comparison metrics

193
Imagine that you were supposed to say how much you have to
spend to create a company that has revenue of $ 100 M dollar

194
You could use for that the so called backward reasoning
CC: Flickr; Cycle Track

195
Total Costs
$ 400 M
Cost of 1 lead
$ 2 K
# of leads
200 K
÷
% Conversion
10%
x # of customers
20 K
Average revenue
per customer
$ 5 K
Revenues
$ 100 M
x

199
There are 2 types of benchmarks
Internal External
 Based on previous execution
 Extremely comparable
 Very reliable
 Detailed – can be put for each and every activity
 Based on some external source (i.e. reports)
 Not that easily comparable
 They to be treated with caution
 Only for chosen amount of activities
 Can give you food for drastic improvements - by
analyzing them you can find totally different
method of working

200
By comparing your results and benchmarks you can decide
what to improve, work on
Internal
 Salary
 Speed of typing
 Speed of
analyzing Excel
Area Unit
Current
result
 K USD
 words/ minute
 minute
 5
 40
 15
4
39
10
External
7
80
12
 Your salary went up in
comparison with your previous
one but you are still below the
market
 Your typing speed has improved
slightly yet you are far below the
speed achieved by others
 You not only improved your speed
of analyzing but also are better
than others
 Makes sense to teach others how
to do it
Conclusions

202
I recommend in comparing yourself to competition to use 5 dimensions
Size
Profitability
Pace of growth
Cash
generation
Debt level
 Revenues, market share, quantity sold
 % EBITDA, % EBIT, ROA
 Growth of revenues, growth of quantity sold, opened new stores
 Cash to EBITDA ratio, Cash position, Net Debt
 Debt to EBITDA ratio

204
To show you how to manage a business using KPIs I will use 4 case
studies
How to decide how to 10x
your business
Increasing profitability –
retail chain
# of dishwasher and
waitress in a restaurant
How to increase production
and decrease costs –
commodity business

205
To see the case studies check my online course. Below a link to it:
Business Analysts
$190
$19

206
How to use KPIs to motivate?

207
How to use KPIs to motivate
– Introduction

208
Managing people is much easier if you set them
targets. The easiest way to do that is via well defined
KPIs that are part of bonus / motivation system

209
There are a few good reasons why using KPIs to motivate people makes
sense
KPIs gives you measurable
target
If you can impact the value
of KPI, the target based on
the KPI gives you clear
guidance what to do
You can compare different
people / teams / business
You can track the KPIs and
the performance of the
person over time
You can link the KPIs to
business goals and in this
way give people impact on
the business

210
Where you should put KPIs to
motivate people

211
There are plenty of places in which you should put KPIs to motivate
people
Bonus / motivation system
Rankings visible to everybody
Online dashboard
Offline dashboard
Mention in written form i.e.
weekly reports send to people
Mention during meetings i.e.
daily or weekly overview

212
Overview of case studies you
will be solving in this section

213
In this section I will show you the following case studies regarding
motivation system. For more details check my online course
How to analyze motivation
system of sales force
Sales force motivation
system in juice producer
How bad KPIs in production
can cause troubles
Board of directors
motivation system

214
How to analyze the motivation system
of sales force – Introduction

215
Motivation plan for sales people can be pretty complicated
Region sales plan
realization
80%
Country plan
realization
20%
Sales plan
realization
80%
Qualitative
assessment
20%
Variable part 40%Fixed part 60%
Salary

216
Person A has the following motivation system. What kind of problems
it may cause?
Salary

217
Person B has the following motivation system. What kind of problems
it may cause?
Sales value plan
realization
90%
Qualitative
assessment
10%
Salary
 Sales rep can change the price
of the product and give
discounts

218
Person C has the following motivation system. What kind of problems
it may cause?
Sales margin
realization
80%
Qualitative
assessment
20%
Salary
 All costs covered by the sales
rep

219
Person D has the following motivation system. What kind of problems
it may cause?
% of sales n/a
Fixed part =2x
Average salary
n/a
Salary

220
How to analyze the motivation system
of sales force – Solution

221
If the Person A has the following motivation system you can have the
following problems
Salary Problems that may occur
 Variable part is too small
 The sales rep will not be motivated to drive
the sales and put additional effort

222
If the Person B has the following motivation system you can have the
following problems
Sales value plan
realization
90%
Qualitative
assessment
10%
Salary
 Sales rep can change the price
of the product and give
discounts
Problems that may occur
 Majority of the variable part depends on
sales value which is not preferable solution
as this does not drive the margin creation
 The sales rep has a control over the price
and discounts so he will be tempted to
increase discounts to get more sales. In this
way he will hurt total margin

223
If the Person C has the following motivation system you can have the
following problems
Sales margin
realization
80%
Qualitative
assessment
20%
Salary
 All costs covered by the sales
rep
Problems that may occur
 In this example we have margins instead of sales
value which is much better solution
 However, all cost are covered by the sales rep
which may lead the sale rep to minimize his
expenditure rather than to maximize the margin
for the company

224
Person D has the following motivation system. What kind of problems
it may cause?
% of sales n/a
Fixed part =2x
Average salary
n/a
Salary Problems that may occur
 The fixed part may be big enough for the sales
rep not to care too much about the sales level
 His variable part is just a percentage of sales .
Due to this there is a great probability that he
will not care about the margin
 Moreover, there is no plan of sales / margin so
he will work only as much as he needs to cover
his expenses

225
Juice producer – motivation system of
sales force – Introduction

226
We will now have a look at a company selling branded juice in
Romania that has 2 type of sales force
They sell via wholesalers to
independent stores and
retail chains
Area Managers sell to
wholesalers
Sales reps sell to stores and
retail chains

227
We will now have a look at a company selling branded juice in
Romania that has 2 type of sales force

228
The area managers have the following motivation system
Sales value plan
realization -
wholesale
70%
Qualitative
assessment
10%
Salary
 You have to have at least 80%
of plan realization to get any
bonus
Sales value plan
realization - stores
20%

229
The area managers has the following motivation system
Sales value plan
realization - stores
90%
Qualitative
assessment
10%
Salary
 You have to have at least 80%
of plan realization to get any
bonus

230
How can bad KPIs in production cause
troubles – Problem

231
The aim of the company is to
maximize EBITDA
Production is judged against 1 KPI –
Production cost per unit
Imagine that you are working for a ceramic tiles producer that wants you
to tell them whether new motivation system for production is a good idea

232
How can bad KPIs in production cause
troubles – Solution

233
The aim of the company is to
maximize EBITDA
Production is judged against 1 KPI –
Production cost per unit
Imagine that you are working for a ceramic tiles producer that wants you
to tell them whether new motivation system for production is a good idea

234
Below certain things that you might have noticed with regard to the
proposed motivation system
Low unit production costs has nothing
to do with EBITDA
You are incentivized to produce more
rather than to produce the right things
There is no incentive to produce
difficult things
There is no incentive to produce high
margin products
Cost may be cut by lowering the
quality of the materials used
You may create a big inventory of
finished products
You end-up producing easy things that
maybe are not desired
You are not incentivized to keep WIP
and inventory low

235
Board of directors motivation system
– Problem

236
Let’s imagine that you were asked to judge the motivation system
created for Board Members of a cosmetics producer
3 Business Goals: market
cap, cash flow, Low debt
5 Board Members
The Supervisory Boards sets
the KPIs & goals

237
Sales Director 1
CEO
 Market Share

238
Board of directors motivation system
– Solution

239
Just as a reminder you were asked to judge the motivation system
created for Board Members of a cosmetics producer
3 Business Goals: market
cap, cash flow, Low debt
5 Board Members
The Supervisory Boards sets
the KPIs & goals

240
Every board member had different KPIs in his motivation system
Sales Director 1
CEO
 Market Share

241
Below certain things that you might have noticed with regard to the
proposed motivation system
Hardly any alignment
Some business goals not
addressed
Almost every board member is
incentivized to destroy value
KPIs are relatively vague
There are hardly any long-term
KPIs
Board member treated as a
separate entities

242
Now let’s have a look in details what kind of troubles it may cause
Sales Director 1
CEO
 Market Share
Low Debt Level

243
Business Analysts
$190
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244
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