Key Measures and Business Monitoring
The success of any organization is to have overall clear and measurable objectives in the business plan that, when delivered, drive towards Mission and Goal achievement. These are then filtered into departmental, team, and individual objectives and tactics that align with the “big picture”. Using this approach delivers significant benefits, such as:
- Everyone is focused towards achievement of the overall objectives of the organization
- A far higher level of people and team engagement is achieved because of everyone has the ability to directly and tangibly relate to how they contribute towards achievement of the company’s mission and vision
- Measurement and feedback of performance increases motivation
A Business Monitoring process needs to be put in place, identifying the type of information needed that is most critical to know if the company is succeeding r not. For example, a “dash board” of key measures and business monitors can be created to know what’s happening in real time and what needs to be done about it.