Once you create a strategic plan it is highly important that you track the implementation of the plan. The progress of your strategy’s implementation must be checked on a fairly regular and scheduled basis to see if it is still on track. This is the only way to understand if you are moving in the right direction and if you are achieving your goals.
For a strategic plan to be actionable it needs to have certain metrics. Here are a few ways through which you can measure the success of your plan:
Using the Right Metrics
That action plan that supports your business strategy must include key metrics that can be used to track your progress. These metrics can be both milestones and quantifiable performance measures.
Milestones can vary according to the business. It can be simple tasks or major events that mark a definite change in the functioning of the business.
Choosing the right performance measures can be difficult but they are important when tracking the efforts of your company. Given below are a few tips on how to pick and implement these metrics:
Based on Objectives
Metrics can be related to finance, marketing, sales, operational efficiency, environmental impact etc. It is best to fully understand your objectives and then pick the needed metrics. These metrics must guild your employees into the actions that will ultimately help in achieving the organization’s goals.
Simplicity is Key
Do not overload your staff with too many performance metrics. Keep it within a limit of four per department. It is also important to provide appropriate training to your employees so that they can correctly monitor and collect data. Inadequate training can easily ruin the tracking process.
It is important to use the latest data and information available and it should be promptly reported to the managers. This will act as a feedback system and also help in predicting any future troubles or changes.
Performance dashboards are excellent tools that can be used for tracking.
Make sure that you periodically report progress to your team and stakeholders via a newsletter or a plan implementation report. Always present data and information by using visuals and points so that it can be easily grasped.
Conduct quarterly and annual review meetings to discuss the progress of the plan and clear any doubts. You can review the measures and ensure that it provides the needed information.