Whether you’re only starting your business journey or are an established business implementing a new strategy, it’s important to regularly ask important questions and measure your progress!
Yet, how do you measure and visualise your business progress?
There are various options you can employ to measure progress. My personal choice is the balance scorecard as it encourages you to focus across your entire business and supports you to avoid taking a microscopic focus in only one area, for example financial.
How does it do this, you may ask? Firstly, it helps you to look at your business across four aspects. These include Learning and Growth, Business Processes,
Financial Health, and your Customers. It can enable you to identify and communicate the activities you need to initiate; align activities with your strategy and recognise if your strategy is working.
Furthermore, it can help you to prioritise projects, products/services to meet your goals and reduce business uncertainty, which is always a positive.
When it comes to what to specifically measure, you must be careful not to create too many measurements.
By doing so, you run the risk of getting lost in the admin of measuring and can fall into an analysis paralysis cycle of constantly reviewing metrics. Take a step back and identify what are the absolute essential things you need to measure that will ultimately help monitor and drive your strategic progress forward.
You may be surprised by the fact it could be a handful, rather than a sizable list of 10, 15 or 20.
You should also be mindful that just because you have put measurements in place, it doesn’t mean you have to monitor each of them daily. There will be ups and downs which may give you a false indication of negative or positive change.
Therefore, it is better for some measurements to be reviewed over a longer period e.g., quarterly, where you can see an upward trend. So, when setting your measurements, ensure you set the right time frame for review.
With time being such a valuable commodity and our diaries becoming ever fuller, it’s still essential that we find the time to review the progress measurements established.
If you don’t, you will miss opportunities to identify what is working well and importantly what is not working well and needs attention, which will ultimately impact how your business progresses.
I personally enjoy a single page dashboard type report that takes a visual graphics approach e.g., charts and graphs of the most critical and impactful measurements that illustrate the business performance against its strategy.
Tracking and measuring actions, activities and outcomes of decisions is truly an important action that each business should undertake.
If you haven’t yet put any in place, it’s not too late!
Look towards your future business state and what you’re attempting to achieve, and ask yourself, what could I be measuring that will help me to see if we’re on track?
A message from the Editor:
Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.
In order for us to continue to provide high quality and trusted local news on this free-to-read site, I am asking you to also please purchase a copy of our newspaper whenever you are able to do so.
Our journalists are highly trained and our content is independently regulated by IPSO to some of the most rigorous standards in the world. But being your eyes and ears comes at a price. So we need your support more than ever to buy our newspapers during this crisis.
With the coronavirus lockdown having a major impact on many of our local valued advertisers - and consequently the advertising that we receive - we are more reliant than ever on you helping us to provide you with news and information by buying a copy of our newspaper when you can safely.
You can also enjoy unlimited access to the best news from across Northern Ireland and the UK by subscribing to newsletter.co.uk
With a digital subscription, you can read more than five articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.newsletter.co.uk/subscriptions now to sign up.