Must all segments of your business operate effectively for your business to be truly successful? Some businesses survive in spite of poor performance in some segment(s), which is actually being carried by the performance of another segment. In other words, when one segment is not productive, other segments must be even more productive to compensate for it. If this is the case, then you could use a balanced scorecard to achieve strategic alignment. Continue reading How Do You Use a Balanced Scorecard?
Leaders work on understanding and improving the system through performance metrics or measures. Anytime I bring up the question of measures, people always ask “what’s a good measure?” The answer is, it depends on the type of business you operate. But it always starts with your purpose — what are you in business to do? Continue reading What are Performance Metrics Examples?
Working remotely has suddenly become the new reality for so many businesses and working professionals. With the outbreak of the COVID-19 pandemic, millions of people went from working in an office to working from home. And, this sudden shift made team managers, leaders, and business owners confused and worried about keeping the business up and running. This explains the sudden need for innovative KPI solutions, which begs the question: how do you measure the effectiveness of remote working? Continue reading How Do You Measure the Effectiveness of Remote Working?
Strategies and tactics can be used to realize your goals and objectives, but how do you achieve strategic alignment between your business, departments, or the whole organization?
Continue reading How Do You Achieve Strategic Alignment?
Many metrics exist to focus an organization on important organizational objectives and drive the company forward. Key organizational metrics are more controversial. Many organizations will focus on revenue, profit, and growth as “Key” measures of success. Yet, all three are lagging indicators for measuring organizational success (what has happened) and will not tell you the whole story about your organizations prospects (what will happen). What Are 10 Leading Indicators for Measuring Organizational Success? Continue reading What Are 10 Leading Indicators for Measuring Organizational Success?
If you are writing policies and procedures documentation, then at some point you will need to answer the question “How Effective are Policies and Procedures?” If you can measure your documentation against some common elements, then you will have a method for managing, reviewing, and communicating the effectiveness of your policies and procedures. Continue reading How Effective are Policies and Procedures?
The one thing every business owner will tell you is they want business growth. One way to achieve growth is through improvement. What are key strategies for improving business performance and quality? Continue reading Key Strategies for Improving Business Performance and Quality
Some business policies are the result of undesirable consequences or something happens that shouldn’t. For example, a door isn’t secure from the outside and someone gets in your building who doesn’t belong. Now management creates a policy restricting the door’s use. For example, “That door is for exiting the building ONLY in case of emergencies. It is NEVER to be used as an entry.” Should we be enacting bad business policies or fixing the door? Continue reading How to Fix Bad Business Policies
Do you have a Business Performance Scoreboard? Airplane pilots pay attention to a number of things while flying a plane, as the plethora of dials, gauges, and displays on an airplane’s instrument cluster indicate. Some instruments require constant monitoring, some are checked occasionally, and still others may be checked only prior to takeoff or before landing. Still, they all have a role in helping the pilot safely operate the aircraft. I doubt if any of us want to fly with a pilot who doesn’t make effective use of the information that this complex set of instruments provides. Continue reading Do You Have a Business Performance Scoreboard?
Are financial performance objectives more critical than you think? While almost every business pays attention to financial performance, studies show that small and medium sized businesses in particular frequently do not engage in thorough financial planning, including the development of financial performance objectives. Continue reading How to Develop Financial Performance Objectives