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Business strategic planning: why do it?
Discover the importance of business strategic planning and how it can drive your company’s success. Click to learn more about it!
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Discover the importance of business strategic planning and how it can drive your company’s success. Click to learn more about it!
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Discover the importance of strategic planning for business success and learn how to implement it effectively. Examples and practical tips.
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Defining indicators and metrics is essential for gathering data on the company’s performance at different levels. This knowledge makes it easier to identify flaws and seize opportunities in pursuit of increasingly solid results for the business. In theory, recognizing this importance and advantage is easier. However, it is not always easy to adopt measures so that employees monitor metrics, making the company perceive its results in practice. With that in mind, we’ve created this post to help you discover how to create a culture of KPI monitoring with your team. Let’s get started. 1- Make your employees understand the importance of metrics and KPIs Despite each employee having their role within an organization, not all perform functions that allow them to perceive the practical importance of metrics and KPIs in leading an action or business to success. Therefore, it is essential to invest in strategies that show employees how the information they monitor has a global impact and directly affects their actions and routines. Helping employees establish the connection between metrics and KPIs in theory and practice will make their monitoring more natural. It will also help these agents identify indicators that may be overlooked and others that are more relevant to achieving the set objectives. 2- Reinforce the idea of updating indicators and simplifying metrics When a company understands the power of data, it may be faced with the tempting possibility of creating various metrics and KPIs for different areas. However, the idea is to use data intelligently, prioritizing quality over quantity. Therefore, to create a culture of KPI monitoring, it is essential to adopt strategies so that the chosen indicators are relevant to employees and the company. Otherwise, no argument or theory justifies the effort to monitor data that does not contribute to achieving the expected practical results. The same principle applies to reinforcing the need to update the list of KPIs as new scenarios arise in the company. 3- Establish routines and invest in good tools for data collection and monitoring Monitoring metrics must be part of the company’s routine to become a culture. To do so, plans must be drawn up to indicate how this monitoring should be done, by whom, and how often. Furthermore, it is necessary to select good tools that facilitate collecting and analyzing data and contribute to making the routine related to indicators not seen as discouraging. 4- Keep employees updated and informed about KPI results More than understanding the importance or potential of metrics and indicators to impact the company’s routine and results, it is essential to show how this happens. In other words, it is interesting to offer consistent feedback or reports so that employees of the company always have a clear understanding of the importance of monitoring indicators and turn this practice into part of the company’s culture. Don’t forget to follow Actio on Instagram, LinkedIn, and Facebook. Did you like the content? Tell me in the comments.
Strategic planning, without a Project Management Office, is merely a wishlist! The major projects lead to significant turnarounds, as they considerably increase companies’ performance. Therefore, it is natural that one ends up with a substantial portfolio of projects after completing the strategic planning. With over two decades of experience in business management, which has allowed me to form a vision based on errors and successes, I would like to alert you to something: you must ensure that critical projects are not forgotten along the way. And perhaps you may be thinking: “If the project is important, how could it be forgotten?” Well, there is nothing that daily routines cannot facilitate for you. The second situation that I constantly see happening, no less important than the first, is that project management has a much more operational bias, resulting in losing connection with the reason for its existence and failing to deliver the proposed results effectively. That is why you need to have an executive view of the progress of projects always linked to the strategy, paying attention not only to the execution schedule but to the set of values that are being delivered. Attention to something significant, it is prevalent that project reports are limited to the schedule and budget. This creates a certain myopia in top management, giving the impression that the strategy is effective. It is not enough to have well-made operation reports; top management needs to see the value delivered by the project. If you identified with the scenario I just described, know that indicators will always be your great allies, effectively showing whether you are managing to implement your strategy. I emphasize that the connection between project execution and the indicators conceived during strategic planning to measure whether the planning is being executed is highly relevant. Don’t forget to follow Actio on Instagram, LinkedIn, and Facebook. Did you like the content? Tell me in the comments.
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