Leading and Lagging KPIs

2_types_of_KPIs

 

Regardless of the size of your organization, you need to realize the huge importance of monitoring, improvement and evaluation. Once you have analyzed your mission, identified all stakeholders and defined your goals, you need to make use of leading and lagging indicators in order to measure your progress towards your goals.

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Everything You Need to Know about Strategic and Deployment Planning

Previously we have talked about:BalanceScorecard_SWOT_StrategicPlan

Balanced Scorecard

SWOT Analysis

Brief Introduction on Strategic Planning

Choosing KPIs

Now we will move on to benefits of Strategic Planning and then taking it further with Deployment Planning.

An increasing number of small business owners are coming to realize the huge importance of strategic planning and deployment planning. Simply put, strategic planning is a basic tool that helps an organization focus its energy to achieving a common goal and ensures all its members are working toward the same goal. Strategic planning is all about creating disciplined decisions and actions that guide an organization, stating what it is, what it does and why the organization does it. While the focus of a strategic plan is on the entire organization, a business plan focuses solely on one product or service.

The way that a strategic plan is designed and used depends mainly on the unique nature of each organization – its complexity, leadership, culture and size. This process is strategic because it involves strategies and plans to respond to both positive and negative circumstances of an organization.

Strategic & deployment planning involves a strategic vision, which is the place the organization sees itself in the near and distant future. Moreover, its strategic vision is a statement of what an organization stands for and believes in. This vision is aimed to articulate a credible, attractive and realistic future for the organization.

Strategic Planning Models

There are a plethora of perspectives, approaches and models used in strategic planning. Some of the most widely used strategic planning models are:

1. Goal-based planning: the most common type of strategic planning, focusing mainly on the organization’s mission, the goals adjacent to this mission and the strategies to achieve these goals.

2. Issues-based planning: starts by examining the issues that the organization faces and then selecting the right strategies to deal with these issues.

3. Organic strategic planning: this model starts by articulating the company’s values and vision and by creating action plans designed to adhere to this vision.

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Balanced Scorecard Explained – A Top Management System

The balanced scorecard is a strategic management system used by non-profit organizations, businesses, governments and industrial corporations from all over the globe to align their business activities to the overall strategy and vision of their organizations. We all know that business success, whether public or private, is ultimately down to performance. Hence, managing and measuring that performance is vital for any organization that wants to thrive in its niche or industry. This is where the balance scorecard comes in, making sure each business is described from an organizational performance standpoint.

A Lesson of History 

This groundbreaking system was developed more than two decades ago, in the beginning of the 1990s, by two famous and eminent doctors from the Harvard Business Scholl – David Norton and Robert Kaplan. In the following years, this concept was greatly improved, becoming much more than a simple measuring tool. In addition to measuring the strategic and financial goals of an organization, the Balanced Scorecard has been perfected to become a complete management system which enables organizations to clarify their strategy and vision in order to become successful.

Balanced Scorecard Explained – The Four Legs 

This management system enables your business to set. trace and ultimately achieve your objectives and strategies. After you develop your business strategies and goals, they can be set and tracked using the Four Legs of the Balanced Scorecard. Each leg deals with a distinct business perspective. These legs are the Financial one, the Internal Business Process Leg, the Customer Leg and the Education, Knowledge & Growth Leg. Today’s managers and business executives may use these legs to plan, implement and reach all of their business strategies, regardless of the level of difficulty or complexity.

Balanced Scorecard

 

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How to Monitor and Improve KPIs

Have you ever wondered how businesses, organizations or marketers assess their success and progress? They all make the most out of KPIs (Key Performance Indicators) in order to gauge their business performance. Therefore they will be able to meet their operational and strategic goals.

Whether you are a nonprofit organization, a small business, a large corporation or just a website owner, learning how to monitor and improve KPIs is of paramount importance for your company’s survival and for its prosperity. Read on to discover how to easily monitor and improve your KPIs.

Monitoring your KPIs – Effective Steps

The first thing you need to know about KPIs is that their aim is to help you complete & reach your organization’s objectives. Whether you use simple spreadsheets or sophisticated computer applications, you should be willing to monitor business performance. Having determined the right KPIs for your company, the next step is to ensure that you will be able to monitor them.

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8 Effective KPIs for Customer Services

We live in a world and age where large corporations and multinationals are fighting to keep their customers happy and engaged. In order to accomplish their goals and increase their customers’ satisfaction, these companies strive to provide top-notch customer service. They use a wide variety of KPI (key performance indicators) in order to quantify and measure the performance of their customer service department.

Every single customer service organization is unique. While some corporations and small businesses compete on cost, where productivity and efficiency are the most important criteria, others compete on customer experience, where customer satisfaction is of paramount importance. Even so, there are a few effective KPIs for customer service that are standard for all businesses.

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How to Use Strategic Planning and KPIs to Achieve Business Success

Strategic planning and KPIs are powerful tools for achieving sustainable business success. Strategic business planning is the process through which corporate executives devise a strategy to fulfill the company’s main purpose. First, the business owners state the main purpose or objective that the company is meant to achieve – mission and vision statements are written down to set the company’s overall direction and philosophy. This is followed by an analysis of the company’s strengths, weaknesses, opportunities, threats, competitors, collaborators and target consumers. Then long-term strategic goals or objectives are set for the entire company and its major divisions. Finally, short-term tactics are formulated to achieve these corporate objectives.

An effective planning process will enable business owners to take charge of their company’s future and focus on the most important factors that deliver outstanding performance. The performance of the business can be effectively monitored and improved through the use of appropriate KPIs. In this post, we will be discussing the process of creating strategic business plans and KPIs that will produce the desired business growth and success.

Strategic Business Plan

 

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How to Choose KPIs to Achieve Strategic Goals

Choosing the right key performance indicators (KPIs) can dramatically improve the performance of an organization. KPIs are an excellent tool to achieve strategic business goals. But only carefully selected KPIs actually provide the information required for monitoring and assessing performance. Whether you are a business owner or part of a management team, you need to know the steps required to select KPIs that aid continuous improvement. In this KPI article, we will be discussing the process of choosing KPIs that drive the achievement of strategic and operational objectives.

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