Every business needs to have key performance indicators (KPIs) to measure its growth and progress. However, many new ventures struggle to meet their KPI targets which impacts their business’s success.
Here’s why your psychedelic startup is struggling to meet KPI targets.
Your KPIs Are Uninspiring & Unattainable
One of the biggest reasons for startups failing to meet their KPI targets is that they set unrealistic goals. The KPIs are either too ambitious or lack ambition altogether. As a result, there’s little motivation among the team to actually work toward those goals since they’re unattainable or uninspiring, to begin with.
If you’ve been having trouble meeting your KIP targets lately, it’s time to reevaluate your goals. List out your startup’s business objectives and determine which of your existing goals are fairly manageable and which ones seem a little unrealistic. Your KPIs should be challenging enough to motivate you and your team, but not overly ambitious that they end up sounding impossible to achieve. Be honest when reestablishing your KPIs to encourage optimal performance.
There’s a Lack of Understanding
Another issue that arises with KPIs is that the individuals responsible for implanting them often don’t have a sufficient understanding of why the goals exist in the first place. You don’t want to merely state that your startup needs to achieve XYZ objective by yearend; you also need to explain to your employees why you want to achieve that target.
The better understanding your team has of your KPIs, the more effectively they’ll be able to implement the necessary practices to achieve your targets. It’ll also allow your psychedelic startup to establish a sense of purpose and encourage your staff to develop and execute the best strategies to meet KPI targets.
You’ve Set an Inadequate Review Period
Finally, startups also fail to achieve KPI targets if they define an inadequate review period for measuring performance.
For instance, if your review period is too short you’ll be giving up the opportunity of letting the process take its course. This affects your analysis and prevents you from implementing corrective actions. Similarly, if you set a very long period for reviewing performance, you end up losing and control over the results.
Don’t underestimate the importance of funding in achieving KPI targets! If your psychedelic medicine venture is in the need of early-stage psychedelic medicine investments, our team at The Conscious Fund can help. We provide funding to psychedelic medicine startups and help them achieve their business goals.
Explore our portfolio for more details.