What is Really Important?
June 25, 2019
By Brian Daniells
I am helping build/improve corporate culture reflecting my belief system:
- While many companies build a strategy, few translate that strategy into actionable and measurable plans. By connecting strategies and plans, successful companies are in the position to better monitor, course-correct and improve…
- While some companies build a strategy and connect it to actionable plans, few still have an understanding of how those plans drive financial results. Without proper monitoring, there is an understanding gap between the financial and operational sides of the business. Monitoring and communication are critical.
- With these tools and methods in place, the most successful firms manage variances to get behind the reasons for differences. Going beyond the numbers and understanding the real story drives improved awareness, accountability and performance.
- With these tools in place, the most successful companies are those that retain flexibility and agility. Forward looking forecasts that corrollate to business metrics drives and develops foresight in a business. By having this in place, the company can quickly respond to changes in either operational or financial metrics.
- In the highest performing companies, these tools are managed throughout levels of the organization—driving participation, collaboration and acceptance. Further, the most successful companies hold those accountable for meeting goals.
- The most optimized companies develop metrics in order to measure their performance. Reporting on these metrics is a driving value, relied upon weekly as a critical component of effective decision making. The most effective are dashboard-style, summary reports that reflect changes in the most important KPIs.