Ordinarily, company budgeting is a tough exercise. It consumes volumes of paper and man-hours. It pushes the mind to extremes. It is frequently a mad race to beat deadlines before someone else can collate the sectional budgets into an organisation-wide financial plan. Continue reading
In any endeavour, measurement is critical. It enables comparison. It makes it possible to set benchmarks. It defines standards. It tells us where we stand in the engagement.
Measurement provides us with the clearest of hints as to what our next course of action should focus on. But that is only true if the measurement is correct. Continue reading
For any event to be sensible, it must have targets. Otherwise, anything goes and it becomes impossible to determine whether success has been achieved or not.
Targets give direction and provide the motivation to plod on. They enable the assessment of performance and therefore the management of the event. Targets flag what must be achieved for the event to be termed successful. They give meaning to measurement. Continue reading
You are the chief executive of a telecommunications company. One of the key objectives is to expand customer base by 30 per cent in the next three years. How do you ensure that each member of staff, down to the last employee, fulfils their duty towards helping you to realise this specific objective? Continue reading
Strategy is everywhere. Whatever you can think of that has been done, there has been a strategy behind it. Even the simple act of cooking entails strategy. The order in which you put in the ingredients and how you handle them for the desired meal is strategy. Continue reading
Mission, vision, and values are extremely important business ideals. They define the overall direction and the culture with which to steer the establishment to its next destination. Yet in many organisations, these ideals are taken for granted. Nice sounding vision, mission and value statements are casually coined and that’s just about it. Continue reading
Some management analysts have tried to compare the Balanced Scorecard with other performance management frameworks, such as the Total Quality Management, Kaizen, and Business Process Reengineering. This comparison is often futile. The reason is simple. Continue reading
You can have the best strategies in the world, but they are only as useful as the level of their execution. Yet a majority organisations still struggle to blow life into their outlined strategic objectives. Why might this be so?
Creators of the Balanced Scorecard, Robert Kaplan and David Norton, blame this general failure on four common limitations. They classify them as Vision Barrier; People Barrier; Management Barrier; and Resource Barrier. Continue reading
Studies have found that about nine out of 10 organisations fail to execute their strategic plans. Strategy execution thus ranks high among the headaches of business leaders across the world.
A study by strategy specialist, Dr David Norton, and Harvard Business School professor Robert Kaplan, traced this to a finding that about 95 per cent of the employees in many organisations were either not aware of or did not understand the strategies in place. Continue reading