181. KPIs for Coworking Spaces with a 2021 Lens

Focusing on what drives your coworking business will be critical in 2021 to set yourself up for office re-entry. What we measure gets focus, what we focus on improves.

KPIs can help you to get objective data on what’s working and what’s not...but they can also keep you focused and disciplined while you’re working on projects that don’t reap immediate financial rewards.

In this episode, we walk through what KPIs are, what to track, and how to set yourself up for success in your measuring and tracking process.

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:

Coworking KPI List

Sample Tour Dashboard – more qualitative in nature but it serves two objectives:

Keeps my manager focused on and accountable for a few key aspects of the tour
Gives us insights to review together that might help us to tweak our member acquisition approach.

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