If you can’t measure it, you can’t manage it.
In its simplest form, the implementation of a strategic/business plan is essentially the management of a number of projects. As any good project manager, indeed, any good manager, knows, measuring progress and results is key to the success of any project.
The process that we use to create strategy effectively creates a map of how the company intends to move from where it is to where you want it to be. This is a causal map which links activities to outcomes which means that we are able to identify the key activities and associated outcomes which can help to create a measurement system that will help to monitor the progress of the plan against targets.
This will enable you to effectively create an early warning system that will alert you to any instance where actual outcomes do no meet expected outcomes. In addition, these measurements will not necessarily be financial – they will be directly related to the key outcomes that are required to be met in order to attain the business’ stated goals.
Where objectives are not being met, it allows the reason to be investigated. Since activities are taken in order for the desired outcome to be achieved, we can look at why the activity has not produced the relevant result and take corrective action where necessary.