KPI you need to know in your coworking space

Which key performance indicators (KPI) do you use in your coworking space? Keeping an eye on the most important statistics in your coworking space can: 1) help you understand the areas where you may have a problem; 2) check what practices work well; and 3) set quantifiable objectives that can help you regularly measure your space's performance. As you're probably aware Nexudus Spaces lets you keep up-to-date with your space's most relevant data, with more than 80 reports that provide all sorts of detailed information.

We've recently included a series of reports to this list, which help you view your space's most important KPI. We have grouped them together as follows:

• Bookings: Booking conference rooms is often an important source of income for coworking spaces. If Nexudus Spaces let you know everything about bookings before, the new reports will give you an even closer look at their performance. For example, it's really useful to know the days that your resources are less popular so you can think about promoting discounts or special offers.

• Invoicing: The reports available to date in the groups "Finances, billing and revenue" provided you detailed information. New reports have been added in the group "KPI billing by month", which will let you find out the nitty-gritty regarding the revenue for each of the price plans in your space. The "by account" report separates the different accounts that you have set up in Spaces. Remember that you can use what we call "accounts" to organise your income sources. Create an account by going to "Billing" and then "Accounts".

• Churn rate: Knowing how many people leave the space during a given period of time is an important indicator that, depending on the circumstances, can give you an idea of user engagement. With the new KPI reports, you can find out this information via monthly or quarterly reports or by displaying the information in bar charts. Although this information is important, its relevance can really depend on the space's model. For example, a high churn rate is normal in spaces that have many hot desks and drop-in users, while spaces with private offices or permanent desks usually find that users stay around for longer.

Like the rest of the reports in Nexudus Spaces, with the new KPI reports you can filter by date and export data to an Excel spreadsheet and use them in other applications or edit them as you wish.

Bear in mind that the data entered on the platform must be of quality to ensure that your reports are relevant. We therefore recommend that you make sure you keep your database organised and tidy. And don't forget if you have any queries you can always drop us an email at support@nexudus.com

 Main image source: Andrew Pons

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