This week’s Christmas Countdown hints and tips are all about what to measure to help you stay on track to deliver your 2021 plan.
Keep it simple
Stay focused on your few indicators and don’t make things too complex. What are the most important things? What will make the biggest positive impact?
Early Warning System
Develop an early warning system through the use of lead indicators – something that leads to your goal that you can influence. For example, to manage cash flow you may want to monitor whether invoices are issued on time and paid on time as well as the weekly bank balance.
Not just numbers
All metrics or indicators don’t have to be numerical. For example, if you have some key stakeholders that you need to engage with on a regular basis you may want to track whether you actually do this.
Create a one-page scorecard that captures your key performance indicators, update and review it on a regular basis.
See the signs
Most important of all, if your indicator raises a red flag be prepared to intervene and take action to get yourself back on track.
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