Autumn is upon us, daylight savings time is over, and retailers are stocking Christmas items for one last sales drive before the end of the calendar year. As the countdown begins, take stock of where you are at 1/2 way thru this 4th Quarter. Are you aligned with goals? On track to finish the year as you had predicted in your budgeting efforts? Are projects deliverables on track?
This time of year requires a nimble attitude and good time management. It is especially important to schedule that quality Q3 time to attend to matters that are important but not urgent. Keeping a consistent battle rhythm with weekly meetings and reports will help operations flow more smoothly, while affording the time for preparing next years plans (big rocks).
When reviewing your trend over time information, remember to include seasonal and other factors that impact weekly or monthly results. I find combining information from multiple sources gives a better picture of past performance. Benchmark or third-party information provides one way to compare organizational results with the industry. For internal reporting, try including narrative material, blogs, development notes, meeting minutes, EXSUMMS, or other anecdotal materials captured within the same timeframe to help illuminate decision paths and results.
If you don’t have a Balanced Scorecard or other metrics program, now might be the perfect time to start one. If you need help or ideas, contact me. Performing the annual analysis usually uncovers the metrics that leadership find most compelling. Once you have worked thru the research and calculations necessary to create the report, it is fairly easy to roll those metrics into a Performance Management program so that the same Key Performance Indicators (KPIs) can be displayed on demand.
Every year we go thru this cycle, preparing for what is next. Review is one activity, but we must also research our products and services, the markets, and our people, and determine how to sell and deliver in a way that makes a profit. What will the economy be like next year? What markets will open, what products/services will be in demand? What are the factors that impact your ability to deliver? Do you have alternatives? Do you have risk mitigation plans for unforeseen circumstances?
Ah, welcome to the holiday season – more stress, activities and calories than any other time of year. Keep control this year – start with time management, keep your rhythm, review past performance, research and plan for next year. Until next time, keep thinking good BI thoughts.
Tricia Wilcox Almas 