As we approach the last quarter of the year, many professionals face the dilemma of developing the Key performance indicators (KPIs) for the current business plan or defining them for the next year. Moreover, many professionals believe it is just the local government bodies that face this dilemma, which is false to a great extent. Leaving measurement until the last possible moment is a common occurrence at all government levels and also for-profit and non-profit organizations. In her article, Stacey Barr mentions why you should not wait to work on your KPI development.
Why Is Measurement Important?
If properly carried out, measurement works as an effective catalyst in the strategy execution procedure. It provides professionals with a tangible entity of the business. In her research, Stacey Barr discovered that only 58% of the organizations have KPIs in their strategic plans, whereas only 8% take adequate measures to conduct them. Postponing measurement delays the alignment of everyone involved in progressing the business towards a strategic direction.
Why You Should Not Delay
A lot of organizations eventually realize that the delay in the planning and measurement process has stacked up a lot of undesirable baggage. It has induced inertia, which would not let the present measurement progress further. It is crucial for an organization to develop momentum. For that, you should find several pro-measurement associates to shift your company’s measurement inertia. It helps to include several goals from the current business plan, which are most likely to stay pertinent in the next year’s plan.
Barr also suggests hosting an on-site measure gallery to discuss and share your experience measuring those goals. It will also help if you plan to integrate measurement earlier into your strategic plan and process before you get concerned about objectives, proposals, and finances.
Click on the link to read the full article: