A look at some Coworking community metrics and performance indicators
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This document discusses metrics and indicators for measuring coworking performance. It begins by explaining why metrics are important for efficient, effective and adaptable systems. It then provides a framework for designing metrics that align with strategic goals and answers key questions. The document outlines sample metrics for measuring operational, business, and community performance of coworking spaces. These include metrics like facility utilization, cost per lead, event attendance, and member satisfaction. Finally, it emphasizes that perfect metrics do not exist and will evolve with experience.
A look at some Coworking community metrics and performance indicators
- 1. Understanding coworking performance Metrics and indicators
- 2. hello! I’m Anil George I head Hub Operations at 91springboard …and YOU?
- 3. 2 goals out of every 3 games That’s an interesting stat about Football player ‘Mario’! Star? Average? Poor? Football Player Decision
- 4. Mario’s stats (avg per game) – Take 2 Position Right-wing Goals 0.67 Assists 0.3 Yellow Cards 0.1 Red Cards 0.05 Football Player Decision ? ? ?
- 5. Mario’s stats (avg per game) – Take 3 Position Right-wing Appearances 100% Goals 0.67 Assists 0.3 Yellow Cards 0.1 Red Cards 0.05 Minutes 90 Aerials won 40% Football Player Decision ? ? ?
- 6. questions you want to answer? Translating qualitative to quantitative Metrics evolve Why measure?
- 7. “In God we trust, all others bring data - W Edwards Deming Why measure? Efficient, Effective and Adaptable Systems Tracking individual & team performance Proactively identify opportunity areas Align strategic goals to drive outcomes
- 8. WORKSHOP PLAN 1. Thinking about measuring: - Why? - How? - What? 2. Designing Metrics - Framework 3. Measuring performance (sample metrics for coworking) - Operational Performance - Business Performance - Community Performance 4. Wrap-up Agenda
- 9. 1. Thinking about measuring Why? How? What? Thinking about measuring
- 10. Thinking about measuring Thinking about Measuring: Why? Why? How? What? I. Map and align strategic goals & quantify while driving outcomes • Build robust systems - efficient, effective and adaptable • Set path, improve team and individual performance II. Perform analysis, build business intelligence, identify opportunities III. Make decisions, take action
- 11. Thinking about measuring Thinking about Measuring: How? Why? How? What? I. The perfect metrics do NOT exist. They evolve with time and experience • Trial and Error • Track, Learn, Adapt, Align with goal II. Customize your metrics to answer YOUR questions III. Ensure that the KPIs are Readable, Relevant and Standardized
- 12. Thinking about measuring Thinking about Measuring: What? Why? How? What? I. Once Goals are mapped to the metrics, also capture: • Frequency (viz. daily, weekly, monthly) • Unit (based on type viz. raw numbers, completion%, increase%) • Source (new or existing, tools viz. Cobot, Sales CRM) • Audience for the metric • Target (not for all metrics) • Representation II. Keep metrics transparent, easy to monitor, manage & update (& automate) III. MOST IMPORTANT: How do you interpret the metric/result?
- 13. WORKSHOP PLAN 1. Thinking about measuring: - Why? - How? - What? 2. Designing Metrics - Framework 3. Measuring performance (sample metrics for coworking) - Operational Performance - Business Performance - Community Performance 4. Wrap-up Agenda - Progress
- 14. 2. Designing metrics General Framework 2. Metric Designing Framework
- 15. Overall Goal: Improve Coworking Performance Operational Business Community 2. Metric Designing Framework
- 16. Framework to design metrics ✘Set broad goals and break them down ✘Questions to get answers – to track the goals ✘Identify quantifiable measures (KPIs) for qualitative questions ✘Interpretation of the result/monitoring plan ✘Design factors for tracking and reporting the metrics - Audience - Unit - Frequency - Representation - Source - Target (if any) 2. Metric Designing Framework
- 18. WORKSHOP PLAN 1. Thinking about measuring: - Why? - How? - What? 2. Designing Metrics - Framework 3. Measuring performance (sample metrics for coworking) - Operational Performance - Business Performance - Community Performance 4. Wrap-up Agenda - Progress
- 19. 3. Measuring coworking performance Operational, Business and Community 3. Measuring Coworking Performance
- 20. Operational Performance Facility Infrastructure Facility Management Tech Infrastructure 3. Measuring Coworking Performance Support Tickets Repair & Maintenance Resource & Space Utilization Checklists and Trackers Surveys Bandwidth Planning Fee collection
- 21. Business Performance Sales & Marketing Occupancy Trends Revenues & Expenses 3. Measuring Coworking Performance Cost per lead Conversion Ratios Member distribution Size, capacity, utilization Cost optimization Expansion Growth and churn Yield & Cost per sqft Member management tool Profit margins
- 22. Community Performance Internal Community External Community Events 3. Measuring Coworking Performance Member segments Event attendance patterns Member satisfaction Collaborations/synergies Success stories Connections and engagement Event Feedback
- 23. WORKSHOP PLAN 1. Thinking about measuring: - Why? - How? - What? 2. Designing Metrics - Framework 3. Measuring performance (sample metrics for coworking) - Operational Performance - Business Performance - Community Performance 4. Wrap-up Agenda - Progress
- 24. Let’s review ✘Draft strategic goals. Design metrics that align with them. ✘Track metrics, keep transparent and make good decisions ✘Metrics should provide answers to YOUR questions ✘Keep the metrics readable, relevant and standardized ✘Coworking performance may be measured by understanding: - Operational Performance - Business Performance - Community Performance ✘Perfect metrics do NOT exist, they constantly evolve with experiences 4. Wrap-up
- 25. “Measurement is the first step that leads to control and eventually to improvement. If you can’t measure something, you can’t understand it. If you can’t understand it, you can’t control it. If you can’t control it, you can’t improve it. - H James Harrington …and that’s why we measure!
- 26. thanks! Any questions? You can reach me at twitter.com/anilgeorge04 anil.george@91springboard.com
- 27. Credits ✘ Dashboards and Knowlege from: 91springboard, Social Workplaces, RISE by Barclays, Coworkin, Hub Dhaka, CAAP webinars and conversations with other coworking spaces ✘ Special thanks to all the people who made and released these awesome resources: - Presentation template by SlidesCarnival - Photographs by Unsplash