Emerging from Unsteady Times
Our last news letter spoke of the current unsteady economic times and current downturn. No one can predict the duration of this trend, but it is safe to say that we will see an upswing in the economy where new opportunities will exist.
Before this upswing takes place, proactive companies will be focused on ensuring they have the processes and tools in place to help align, measure and refine what matters.
Today is the time to prepare your company for the future and tomorrow’s profits. Two such actions are highlighted below.
Actions for Unsteady Times
1) Align goals, objectives & action plans. This approach requires a structure where the intent of management can be seen throughout the entire organization and cascaded accordingly.
This allows individuals to:
- Understand the direction and objectives of the company as well as how their activities fit in
- Identify and concentrate on those initiatives and tasks which bring organization value
- Feel empowered knowing that the success of their actions will contribute to company success
2) Establish a “measure & refine what matters” culture. Having aligned goals, objectives & action plans gets you to the starting box. Having a culture which also expects ongoing measurement & refinement of what matters gets you into the race.
Key actions to make this happen :
- Generate sets of “SMART” action plans
- Set regular, periodic times for each dept to review both strategic & tactical progress
- In strategic reviews, ask:”If all the action plans are achieved, will the aligned objective be met?”
- In tactic/performance reviews, spend time discussing refinements to action plans based on changing conditions & current metric performance
3) Who is accountable to deploy these actions? Management’s ability to “facilitate” deployment of these processes & tools is the critical component to success.
Alignment is not just repeating the same words down through the organization, but the interpretation of these objectives to drive supported action plans.
“Measure & refine what matters” is not just static charts and action plans; it is also an ongoing dialog and refinement of these metrics & action plans.
Why not take the time now to ensure that you have an “align, measure & refine what matters” culture in your organization? Like the last downturn, those that did, not only survived, but also thrived.