Too often strategic plans do not get implemented or fail to meet their goals. What is the missing piece? Strategy execution must become a regular activity for the organization to realize their goals and to improve performance. The critical piece to execution and improving performance is the effective development and use of key performance measures that provide necessary feedback for focus and accountability. .
Balanced Performance Scorecards with venues for regular use is the missing piece for an organization to implement its strategy and achieves its goals. A clear mission, a few key metrics, targets that set clear expectations for performance and action plans to improve, are part of your Performance Scorecard. When properly used as a monthly management tool, you will be able to ensure every department is aligned and improving per the objectives of the strategic plan.
Performance Scorecards – Implementation Plan
- Define each department’s mission
- Choose the key performance metrics that tell you if you are achieving your mission
- Ensure the data is available and track-able with minimal effort
- Weight the metrics based on priority and importance
- Determine the below, expected and exceptional performance levels
- Create action plans to improve performance of the most important metrics in the “below” zone
- Review monthly