Category: Best Practices

“How am I Doing, Boss?” – Management Metrics Improve Team Performance

most managers only measure outputs, not inputs, which is like telling a Little League team to score more runs, rather than actually explaining how to swing a bat and make contact with the ball. Similarly, most companies measure traffic, revenue or earnings, without considering how to improve the company at an atomic level: how to make a meeting better, or an engineer more productive.

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How to Create Strategic Planning To Drive Strategy

One of the primary reasons that the strategic planning process fails is because the plan is written and then set aside to gather dust. Once the plan is created, it needs to be communicated to the parties involved in its success. Provide metrics that align with the expectations for the plan’s outcome

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Being SMART About Setting Strategic Objectives

The litmus test for each of your strategic objectives is that it has to meet each of these five criteria. If the objective fails to meet one or more of these criteria, then either assess it to determine if it is truly strategic, or revise it to make it more specific, measurable, actionable, realistic, and time bound.

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Developing Strategic Objectives for 2012

Strategic objectives should be selected to address the major challenges facing the company. To make these SOs manageable and actionable, limit them to no more than eight, and it’s vital to prioritize them.

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The Time of Reckoning – Closing the Books for 2011

Closing the books means you are ending your official accounting period so you can start the next period with a clean slate. It means that once the books are “closed” there will be no more changes to the financial documents for the closed period. So accuracy is critical. The closed books are the “gospel” of what has happened in the financials for your company.

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Strategies for Budgeting Success

Start by reviewing the numbers that show your actuals (from your P&L report), your forecast (based on where you think you can make adjustments), and the difference or variance for each line item. Now you have a working budget!

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Embrace The Joys of Budgeting!

It might make it easier (and more palatable) to think of budgeting as profit planning. If you have a profit plan in place, then you can truly track your income and expenses in a fashion that gives you a clear plan as to how to increase your revenues and where to cut your overhead.

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