Setting your business metrics isn’t a one and done activity.
In order to be meaningful and to drive behavior and performance, the leadership team should be regularly reviewing metrics, evaluating each and articulating next steps.
This is not to suggest that your metrics should change from quarter to quarter. However, each reporting period (whether it's monthly, quarterly or annually) the leadership team should sit down together and evaluate performance against the goals originally set and then fine tune metrics to make improvements.
If a metric is consistently missed, the team should assess why this is occurring. It may be beneficial to involve staff working in that area in order to get a better understanding of what's happening and how to address it.
The evaluation process might reveal that a metric is not tracking meaningful data or that the goal was not appropriate in the first place. And, of course, metrics also provide an objective, agreed upon set of measures to evaluate leadership, the team and performance.
It's equally important to determine the best time frame and reporting structure for instilling accountability across the organization. Some of my clients use simple spreadsheets and others incorporate more complex enterprise-wide IT tools to help measure, report and discuss metrics.
These decisions should always be based on the complexity of data collection required and your organization's culture and needs.
YOUR ACTION STEPS
Embrace the use of metrics to drive behavior, engage your team, improve performance and instill accountability.
Once you make that commitment as the leader, pull together the other members of your leadership team who are integral to organizational performance and agree to integrate metrics and key performance indicators into the management of the organization and staff.
Next, determine what metrics to measure and how frequently your organization will review and evaluate.
Make sure to hold your leadership team accountable, but leave the door open for a candid and honest discussion about the value of the metrics and the impact they measure.
Finally, present metrics in a clear manner so that the leadership team and board are aligned and working in the same direction. For clarity, it's often best to use a graphic approach and there are tools available to help you easily present your metrics in graphic form.
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