a look at some coworking community metrics and performance indicators
TRANSCRIPT
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Understanding coworking
performance
Metrics and indicators
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hello!
I’m Anil GeorgeI head Hub Operations at 91springboard
…and YOU?
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2 goals out of every 3 games
That’s an interesting stat about Football player ‘Mario’!
Star? Average? Poor?
Football Player Decision
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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
?
?
?
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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
?
?
?
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questions you want to answer?
Translating qualitative to quantitative
Metrics evolve
Why measure?
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“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
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WORKSHOP PLAN
1. Thinking about measuring: - Why?- How?- What?
2. Designing Metrics - Framework3. Measuring performance (sample metrics for coworking)
- Operational Performance- Business Performance- Community Performance
4. Wrap-up
Agenda
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1.
Thinking about measuring
Why? How? What?
Thinking about measuring
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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 opportunitiesIII. Make decisions, take action
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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 questionsIII. Ensure that the KPIs are Readable, Relevant and Standardized
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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?
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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
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2.
Designing metrics
General Framework
2. Metric Designing Framework
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Overall Goal: Improve Coworking Performance
Operational
Business Community
2. Metric Designing Framework
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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
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Sample metrics
framework
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WORKSHOP PLAN
1. Thinking about measuring: - Why?- How?- What?
2. Designing Metrics - Framework3. Measuring performance (sample metrics for coworking)
- Operational Performance- Business Performance- Community Performance
4. Wrap-up
Agenda - Progress
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3.
Measuring coworking
performance
Operational, Business and Community
3. Measuring Coworking Performance
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Operational Performance
Facility Infrastructure
Facility Management
Tech Infrastructure
3. Measuring Coworking Performance
Support Tickets
Repair & Maintenance
Resource & Space Utilization
Checklists and TrackersSurveys
Bandwidth PlanningFee collection
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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
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Community Performance
Internal Community
External Community
Events
3. Measuring Coworking Performance
Member segmentsEvent attendance patterns
Member satisfaction
Collaborations/synergies
Success stories
Connections and engagementEvent Feedback
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WORKSHOP PLAN
1. Thinking about measuring: - Why?- How?- What?
2. Designing Metrics - Framework3. Measuring performance (sample metrics for coworking)
- Operational Performance- Business Performance- Community Performance
4. Wrap-up
Agenda - Progress
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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
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“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!
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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