Measuring the performance of your businesses is key to running them effectively. If you didn't have one eye on the results, how would you know what to change, by how much and when?
But, what do you change? What do you change it to?
This is a question that can stump many managers, especially when the results aren't going in your favour. If you are on the back foot and don't have a clear route forward, it might be time to think about creating a winning recipe.
When do you evaluate?
When you evaluate business performance can make all the difference. You need, in my opinion, a few different times when you evaluate.
At the end is an obvious point in time. What were the results? What would you do differently next time?
At the start of the process is another key point, but less common. Did we launch properly? Did we launch on time? Do we need to undertake any corrective actions?
During the process is hit or miss, in my experience. Are we on track? Are there any factors we need to correct?
Combining all three gives the best outcome. When I work with a consulting client, this is often a discussion we get into. Using a spread of (quick) evaluations can make a huge difference to business performance in a relatively small period of time.
How do you evaluate?
Measuring is one thing. Making a determination if the measure is good, bad or indifferent is another.
The easiest way to get around this is to set standards. Decide what good looks like and then use that as your yard stick.
If you haven't reached the standard that you want, you know the gap that needs to be closed and the actions to take may well be obvious at this point.
Do you create winning recipes?
In the headline I asked the question 'what is your winning recipe?'.
A technique that I like to use with my clients is to break the business down into its main components and then look at what would constitute an ideal recipe for success.
To achieve the goals and targets they want, they need to be setup and operate in a certain way. What is this? This is their winning recipe.
A guide to increase business performance
A couple of years ago I wrote a book called The Reverse Fishbone.
It looked at creating winning recipes for businesses by using the famous fishbone analysis method, but in the opposite way to how most people use it.
If you want some ideas on how to create winning recipes for your business then I urge you check out this book (it is available on Amazon and most other online retailers). I have kept the book short and to the point, so you can start implementing the ideas quickly.
I share a number of ways to get the most out of this approach, so you can create a robust plan for achieving the business performance you want.
Get started
What's one measure you can adopt, from the start of your business processes, that would steer your team?
I encourage you to take two minutes before you leave this article to decide what that one measure is.
Get started there and then start to look at your winning recipe.
High levels of business performance shouldn't be achieved through good luck, so take the systematic approach and start watching your results climb.
Giles
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About the author:
Giles Johnston is a Chartered Engineer who specialises in helping businesses to grow and improve through better business processes and embracing Kaizen.
Giles is also the author of Effective Root Cause Analysis and 'What Does Good Look Like?'.
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