BUSINESS DEVELOPMENT
Performance Measurement
When it comes to the issue of performance measurement, There’s nothing like the mantra of...
...”What is measured & managed gets done”.
KEY PERFORMANCE INDICATORS (KPIS) Whatever aspects of your business are important to you (and these will change from time to time), consider measuring and managing your organisation and people against KPIs. In doing so there are two types of KPIs to consider:..
• Leading KPIs which track the activity that drives a particular result – an example would be the number of proposals generated or number of sales calls made by a salesman that drive monthly sales
• Trailing KPI is the monthly sales number which is the result of the leading activity
BALANCED SCORECARD At an organisational level, It is worth considering the ‘Balanced Scorecard’ approach to measure performance across the four aspects of...
• Internal process • Innovation & learning • Customer • Finance
When you decide what to measure, ensure that you can easily get access to accurate and timely data and select the frequency of reporting carefully to avoid information overload. Consider what info you need daily, weekly and monthly on which to make effective decisions. External benchmarking can be useful where objective comparative data is available.
PEOPLE OWNERSHIP Once you have the data, give your people ownership of setting goals and targets to drive continuous improvement. Most importantly, give them freedom to act and ensure they’re accountable for the results. It’s not for the faint hearted, but a “No Excuses” culture drives the highest performance where you make it clear that it’s all about results and reasons don’t matter and won’t be heard!
RAPID RESPONSE Act quickly to address issues of poor performance, otherwise your integrity is at stake. Remove poor performers quickly as they sap the energy and erode the culture of a high performing organisation. Focus your time on developing the high performers, not on managing the weak ones
SHARING PERFORMANCE DATA I’m a great believer in publicly sharing company performance data with the whole organisation and do so by means of plasma screens and circulation of monthly reports. It builds trust, organisational affinity and emotional engagement in pursuit of organisational goals.
EASY BUT EFFECTIVE Performance measurement is so easy to introduce within an organisation and yet so effective to drive competitive advantage and bottom line improvement.
If you know of a more powerful tool to drive results, then I’d love to hear from you!
Paul Luen
Martek Marine Ltd
www.martek-marine.com
www.windenergynetwork.co.uk
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