Business Performance Measures
Businesses need measurements. People need measurements.
Without appropriate measurements, how do you know if your business, or your employees, are effective, successful and doing what is supposed to be done?
Determining what to measure can take a lot of consideration, and yet it will probably be only a fraction of the time required to implement the measurement system. However, this investment in time, energy and money will reward you when you can actually see if improvements in sales are caused by new strategies or changes to operations; when you receive early warning about problems from warnings in measurement reports; from understanding what drives the business and what levers to pull to get desired results.
The main issue that you have to deal with is how you establish measures that are based on your business goals, that then cascade down from the business as a whole to departments, responsibilities and individuals.
What are the key questions that a good performance measurement system needs to answer?
Your objective is not to implement a measurement system, but to use it to empower growth and business improvement. If you can readily answer the questions discussed – and support those answers with objective numbers – then you know your business has the information it needs to make good and effective decisions.
Without those factually based answers – the decisions you make may not be “good” or even effective. In fact, they may be downright harmful.
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I hope to see you there!
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