How would your employees answer this question: Is your team winning or losing?
In many companies, employees have very little, if any knowledge, about the basics of business performance in their area, division or overall company. What this leads to is employees not being able to understand if the business unit is winning or losing or how they contribute to the overall success of the organization.
Part of the reason for this disconnect is many organizations focus solely on financial performance to measure success. This is only part of the picture!
Business Metrics or Key Performance Indicators (KPI’s) are designed to give organizations the ability to make the critical and timely decisions needed to advance the business forward.
To accomplish this, not only should a robust metric system align with the strategic pillars of the organization (i.e. Safety, Cost, Productivity, People, etc.…), but also link with a structured accountability and communication process. These processes are integrated to give an organization the opportunity to not only monitor how the business is performing, but allows the leaders to take control and drive results. By linking to strategic objectives, a business scorecard system tactically deploys strategic initiatives throughout the organization.
If you are looking for scorecard examples to help you get on the right track to success, we have free examples available.
Visit our Scorecard Examples page and choose examples relative to your industry.