How you define success in your business is greatly influenced by your organization’s unique objectives, finances, project initiatives, culture, values and ongoing employee education. But on episode 31 of unsuitable on Rea Radio, Jeremy Senften, CPA, CGMA, Rea & Associates’ chief operating officer, encourages you to “bet on your business by scoring your success.”
This week, listeners will get a glimpse into the importance of measuring success by leading and lagging indicators – don’t worry, there will be examples. Jeremy and Mark also discuss the benefits of communicating your business’s progress with targeted team members in your organization, which helps facilitate greater buy-in – motivating them to want to do more to contribute toward a specific outcome and overarching strategic plan. Additionally, Jeremy talks about the benefit of tracking the organization’s success in a variety of ways, such as by department, and then share the weekly/daily results with your team to determine what they can do to help influence the results.
Want to start driving measurable success in your company? First, define what makes yours a successful business. Then identify who can help you achieve your goals and drive greater success. Finally, maintain flexibility throughout the process – plan for change. Need more tips and insight? Start listening to this episode now and start learning from the pros.
articles & insight
From Good To Great: How To Create A Strategic Plan That Propels Your Business Forward – A great plan is only, well, great, if it’s backed by a great strategy – the more you plan and forecast for the future, especially when it comes to business endeavors, the more likely you are to succeed. Success doesn’t happen without some blood, sweat and tears, and neither does a solid strategic plan. It takes a great deal of research, discovery and participation to bring such a plan to fruition … but it’s well worth the effort. Keep reading to find out to take your company from good to great.
If It’s Going To Be, Then It’s Up To Me – The goal-setting process can be hard, but if you are determined to see change in some aspect of your personal or professional life, it’s essential that you take ownership of that change. Read on to learn how you can take control of your success in the year ahead.
Measure Your Operations With Key Financial Information – Numbers and operations go hand-in-hand, and successful businesses blend the finance, operations and sales functions. You need to focus on the right things – that critical financial information that drives each aspect of your business operations. Keep reading for critical advice for business success.
Do Your Business Metrics Need An Oil Change? – Your business metrics and performance indicators should be as easy as locating your vehicle’s metrics. The metrics need to be meaningful to you and your team and used as a decision making tool in the day-to-day operations of the business. Many business owners and managers use daily and quarterly metrics more frequently than the monthly financial statements to run the day to day operations. Read on to learn more.
Reaching Your Profit Goals – Do you have profit goals set in place for your business? If so, you are on the right track. But have you figured out a plan to actually reach these goals? Keep reading to for insight to help you move the needle.
The Billy Beane Approach To Business Success – I’m willing to bet that almost everybody reading this post right now is at least somewhat familiar with the term “Big Data.” Some of us are generally aware of its role in business while others help facilitate the collection of data and are ultimately responsible for its collection and interpretation. Then there are others who are acutely aware of Big Data’s magnitude. These are the people who readily acknowledge how data is being used to track our buying behavior, monitor our interests and influence our interactions with others. Keep reading to find out how big data can help you improve your business’s rate of success.
Minding Your Metrics: How Measurements and Analytics Can Help You Assess Your Financial Health – If maintaining your nonprofit’s financial metrics hasn’t been a top priority or necessity before, there’s no time like the present to change your financial management strategy. Read on to learn more.
Make Good Decisions With Solid Business Information – Too often business owners spend all of their time on their income statement and balance sheet. It is natural that they do so – business owners have been conditioned to focus on these as the key reports they need to run their business. But there is other information – much more important information – that you should regularly examine in order to make solid decisions and reach your business’s full potential. Read on to learn more.
Click here to read the official transcript for episode 31: bet on your business by scoring your success.