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Performance Measurement and Monitoring

Monitoring and assessing a business’ performance allows for an evaluation of the organisation’s success in achieving strategic priorities and provides the basis for future decision-making and performance improvement. A performance monitoring process for a business should be based on a clearly defined monitoring program or plan that articulates performance indicators, timing of the reviews, data collection methods, responsibilities and the process for analysing results and implementing actions.Read more
Monitoring and assessing a business’ performance allows for an evaluation of the organisation’s success in achieving strategic priorities and provides the basis for future decision-making and performance improvement. A performance monitoring process for a business should be based on a clearly defined monitoring program or plan that articulates performance indicators, timing of the reviews, data collection methods, responsibilities and the process for analysing results and implementing actions.

Key Performance Indicators (KPIs) should be developed as part of the strategic planning process and be directly aligned with the business’ strategic goals and direction. According to Tourism Victoria’s Tourism Excellence Modules some of the indicators of a healthy business are:

Business Operation Tip

Key performance indicators should be used as a point of comparison when assessing destination performance. KPIs should be specific, measurable, achievable, reportable and timely (SMART).

  1. Yield - the profit generated by the business divided by the number of patrons
  2. Revenue per customer
  3. Cost of sales - the cost of purchase as a percentage of the revenue derived from sales
  4. Total retail sales
  5. Admissions as a % of total revenue
  6. Marketing costs as a % of total revenue
  7. Occupancy or utilisation – e.g. seats on a tour versus total seats available

    Other indicators that could form part of a performance monitoring process include employment figures, new product development, funding and investment, sales conversion, visitor satisfaction and repeat visitation. Social and environmental performance measurement are further discussed in ‘Benchmarking’ and ‘Corporate Social Responsibility’.

     

    The Sustainable Tourism Cooperative Research Centre developed the Industry Performance Analyser for Tourism (IPAT) tool for the collection and analysis of statistical and benchmarking data at a regional level. IPAT provides a flexible online data entry tool for collecting individual tourism business data and aggregating it to provide destination-wide performance data. This system provides a powerful tool for businesses in comparing and benchmarking their performance against competitors.


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