Having a set performance monitoring rhythm is essential to updating your strategic direction, keeping your team aligned and executing your plan.
Key performance indicators tied to the organization's top priorities are critical to monitoring progress against your plan; daily, weekly and monthly.
Lagging indicators such as last month's financial results are necessary but can't be actively managed. Smart metrics that give a more timely look at the business can allow a plan to be managed and adjusted in response to changing business or market conditions. The right business performance metrics are critical.
Annual: Very strategic; normally a two day session.
Quarterly: Your strategic update, validate annual initiatives, measure progress against prior quarter's priorities, reset the priorities for the next quarter.
Monthly: Measure progress against the current priorities, make course corrections, accountability is key, maintain alignment.
Weekly: More tactical, keep it to an hour, identify customer and staff hassles, measure current priority progress to metrics.
Daily: Brief, less than 15 minutes, what's up, who is stuck and how to remove barriers to progress.