To meet the standard in full, you have looked in ‘indicator banks’ for relevant performance measures and considered indicators used by others in your area of work. You have taken into consideration what matters most to your stakeholders, and adopted indicators that are consistent with the change you seek to make.
Social enterprises can often find it particularly challenging to come up with good performance indicators.
Performance indicators are simply signs of the things you do, deliver and change. They help indicate whether planned changes are (or are not) happening.
There are generally three main sources of indicators that you might wish to consider:
Before coming up with your own indicators, it can be worth taking time to examine the standardized indicator sets now available. Some international indicator banks that are worth checking out, include:
The use of indicator banks can save you time by identifying indicators that others have developed, tested and shared. These can also come with credibility because of their widespread use.
Increasingly indicator banks are being built into software applications designed to make the job of impact reporting even more straightforward.