When it comes to business performance, there are several variables involved. It isn’t just one matrix or the CEO, but these three primary factors: planning, data and people.
These factors, and why they matter, are described in greater detail below.
First, you have to have a plan in place. If you don’t have a plan, then it’s impossible to know where you’re going, and how to measure success. An enormous amount of money can be lost simply because there isn’t a plan in place for the current year, or the years to come. Some companies say they don’t need strategic planning, but we strongly suggest the opposite.
Strategic planning is a critical process that helps you to understand where you are, and evaluate the company’s strengths and weaknesses. From there, you look at the opportunities that exist, how you can enhance your business, and the threats that may hinder you from getting where you want to go. Threats are not to be used as an excuse as to why you can’t achieve a goal. The purpose of identifying threats will help you prepare for challenges should they occur (and they will!). This is one of the many reasons why strategic planning is so critical for every organization, regardless of industry or company size.
When preparing your plan, you need to include your people. If you have a board of directors they should be included in your planning session. Once a plan has been established, don’t leave your plan on a shelf. It’s important that your plan includes goals, required times for completion and the people responsible to get the measurable goals completed. Senior management (and your board if applicable) should meet no less than quarterly to review the plan, and make sure it is being followed and the goals achieved.
When referring to data, we want you to look at measures (key performance indicators – KPIs) that are relevant to you and your company. Evaluating your KPIs allows you to better understand what is happening within the company. Whether it’s production costs, supplies, or the workforce, it’s critical to choose KPIs that are most relevant to assisting you in understanding your success.
Data also provides executives the chance to communicate the mission and focus of the organization to team members, and other stakeholders, who are all working together to improve results. Sharing these measures throughout the organization will capture employees’ attention to make sure that everyone is moving together in the right direction, and delivering value to the business. Employees want to be part of the successes and help turnaround the pitfalls. Visualizing and measuring through finance and operation dashboards makes it easier to quickly get a sense of how well the organization is meeting its goals.
In order for the company to be successful, you need every team member on board. From the CEO to the executive assistant, and the CFO to the intern, every person matters within the organization. Not only that, but every team member needs to know how much they are appreciated. We often forget the two words that are most impactful, “Thank you,” which truly does go a long way.
Communication is 80 percent of an employees’ contribution to the work place, which is why it’s so important to invest in your people. Here at Jeanne Reaves Consulting, we are so drawn to what we do, offering both leadership and business coaching, as well as team development, because we’ve seen our clients benefit first hand from our services. Coaching and team development services have resulted in stronger team cultures, a better understanding for how the team operates, and yes, a significant boost in both productivity and your bottom line. Believe me when I say that teams who learn how to engage in trust, healthy conflict and recognizing team contributions will make your organization run much more efficiently.
Have a question for us? Contact us; we’d love to work with you!