Having defined the strategy, employed the correct tools and processes and ensured staff are operating systems and procedures correctly, the final step is to determine if the strategy is being delivered.
“What gets measured – gets managed”. Peter Drucker
The regular reporting of financial and non-financial information is crucial to understanding business performance.
It is important that the information produced is of high-quality and matched to the business’ requirements. Having someone with a good understanding of the data and how it can be presented for ease-of-understanding will greatly improve the production of this information.
The real world often has a habit of disrupting carefully made plans so understanding the impact on objectives needs to be done promptly.
Reviewing feedback on performance helps to reset objectives and communicate them quickly to all areas of the business.
Consider these questions for your business:
- Do you review your business performance on a regular basis?
- Have you implemented both financial and non-financial performance measures?
- Do you compare the performance to your strategy?
- Do you have monthly procedures and checklists to identify and resolve issues?