A look at some Coworking community metrics and performance indicators

Understanding coworking

performance

Metrics and indicators

hello!

I’m Anil GeorgeI head Hub Operations at 91springboard

…and YOU?

2 goals out of every 3 games

That’s an interesting stat about Football player ‘Mario’!

Star? Average? Poor?

Football Player Decision

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


?

?

?

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%


?

?

?

questions you want to answer?

Translating qualitative to quantitative

Metrics evolve

Why measure?

“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

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

1.

Thinking about measuring

Why? How? What?



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


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


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?

WORKSHOP PLAN


2. Designing Metrics - Framework 3. Measuring performance (sample metrics for coworking)


4. Wrap-up

Agenda - Progress

2.

Designing metrics

General Framework

2. Metric Designing Framework

Overall Goal: Improve Coworking Performance

Operational

Business Community


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)


Sample metrics

framework

WORKSHOP PLAN




4. Wrap-up

Agenda - Progress

3.

Measuring coworking

performance

Operational, Business and Community

3. Measuring Coworking Performance

Operational Performance

Facility Infrastructure

Facility Management

Tech Infrastructure


Support Tickets

Repair & Maintenance

Resource & Space Utilization

Checklists and TrackersSurveys

Bandwidth PlanningFee collection

Business Performance

Sales & Marketing

Occupancy Trends

Revenues & Expenses


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

Community Performance

Internal Community

External Community

Events


Member segmentsEvent attendance patterns

Member satisfaction

Collaborations/synergies

Success stories

Connections and engagementEvent Feedback

WORKSHOP PLAN




4. Wrap-up

Agenda - Progress

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:


✘Perfect metrics do NOT exist, they constantly evolve with experiences

4. Wrap-up

“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!

thanks!

Any questions?You can reach me at

twitter.com/[email protected]

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

http://www.slidescarnival.com/

http://www.slidescarnival.com/

http://unsplash.com/

