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?
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?
Writing a good company policy is similar to writing a good business procedure, but there are a few differences between a policy and a procedure. A business policy consists of either company rules, typically about ethics or relationships, or process outcomes defining expected results, kind of like a mission statement. So how exactly do you write a good business policy? Continue reading How Do You Write a Good Business Policy?
How much time do you spend writing and sending client reports? For many agencies, this process takes several hours weekly per client. Does this mean you should stop sending client reports? Of course not. Client reporting is a significant part of your client relationships. It builds trust with them and shows how you’re helping them achieve the desired results. Above all, your clients will be able to track their progress faster. Therefore, you just need to learn how to optimize and streamline your client reporting processes. Continue reading 5 Tried Tested Ways to Improve Client Reporting Process
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
Leading safety indicators are based on an examination of potential risks as well as past incidents that did not result in injury. This can include history such as observation, unsafe actions, and safety meeting attendance. In contrast, lagging safety indicators only look at past injuries. Leading indicators thus give you the ability to preemptively respond to any potential risks that could result in more serious incidents. Continue reading Applying Key Metrics to Predict Safety Performance
Business dashboards, scorecards, or flash reports may change over time. A typical scoreboard will be revised six or seven times before it is contains the right, meaningful and measurable Key Performance Indicators (KPI) or metrics. What do your business metrics say about your business? Continue reading What Do Your Business Metrics Say About Your Business?