71. Key Performance Indicators for Coworking Spaces
Interested in the Coworking Startup School/Flight Group Program? Learn more here.
As Yogi Berra’s famous quote says: “If you don’t know where you’re going, you might end up somewhere else.”
As a business owner, you want to set goals and then create simple metrics that flow into dashboards that make it easy for you and your team to track progress against those goals/targets. You can download the Coworking KPI list here that I reviewed on this week’s episode.
Set yourself up for success:
If you’re new to tracking, start simple. If you go out too hard, the process may feel daunting. Get your routine down around reviewing KPIs and the hunger for more data will organically evolve.
Strongly consider engaging managers in KPIs. If you aren’t transparent about financials (I like to be – I think it’s the best way to gain alignment), then share the KPIs that you don’t consider to be “sensitive” but create alignment around goals. Yogi’s quote applies to your team. If they aren’t clear on the end goals and the levers to pull to impact the metrics, they won’t be set up to help you as much as they can.
Set up a consistent time to review KPIs. I like doing this at a weekly meeting with my manager because it serves as accountability to me and it’s an easy time for us to review together. I have the review as an agenda item for our meeting so that I’m not tempted to skip it.
Set up a format that supports an at-a-glance review – I like a dashboard – that makes it easy to review the data and spot trends. The dashboard likely shows data over time, vs. an objective or compares attributes. Another reason to have your manager involved is that they can populate the dashboard!
What should I track?
This episode walks through the Coworking KPI document. Click here to download the Coworking KPI list! It covers metrics that fall into multiple buckets including member acquisition, member retention, member engagement, revenue goals and more.
Resources mentioned in this Podcast:
Click here to download the Coworking KPI list!
Sample Tour Dashboard – more qualitative in nature but it serves two objectives; 1) Keeps my manager focused on and accountable for a few key aspects of the tour and 2) gives us insights to review together that might help us to tweak our member acquisition approach.
GWA Webinar on Coworking KPI - join to get access to recording
Thank You for Listening!
Thank you for taking the time to listen to the show! Know someone that could benefit from the Everything Coworking podcast? Use our share buttons to pass it along!
If you enjoyed the podcast, please leave us a review on iTunes. It’s the best way to help others find our content!