By Ken Ingram
The movie ‘Rent’ is a source of inspiration. What a thought provoking opening song, 525,600 minutes; how do you measure a year in your life?’ Rephrase the question to make it applicable to you business; How do you measure a year of success?
The question gave me food for thought and had me reflecting on the last 12 months and what our tac-coaching.com clients and us as coaches had achieved during 2007. Many of us get lost in the day-to-day running or operational aspects of our business and forget about measuring and tracking the key success factors that are important indicators of how we are doing or how we got there.
The first question we must consider is what should we measure? In addition, if you are already measuring, are you measuring the right parameter? You must also consider if you need to do a better job of measuring. In creating your balanced score card it is important to be also aware of the measurement traps because too many current measurement systems are designed to meet internal needs and overlook the inside-out measurement. Consider the following measurements:
What key elements are important to the customers? Ask the customer
What are the needs of those serving the customer? Ask your team
What do the people producing your products or delivering your services need from you in order to achieve their own targets? Ask them
Where are you at supporting the needs of your managers? Ask them
Studies have shown that by working to satisfy customer needs and those of your employees your company will excel well beyond your competition.
The first step in measuring a day, a week, or even a year in business is to have a clear understanding of what we should be measuring. By measuring those key parameters that drive your business results, you will be better prepared to make the adjustments needed to have a gold medal financial year. In the end, it all boils down to one thing: results. You get results by understanding the needs then by using your key resources in the most effective manner.
Have a great five hundred twenty-five thousands, six thousand minutes in your business.
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