Have you ever wondered if your performance improvement interventions are aligned with corporate strategy?
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Have you ever wondered if your performance improvement interventions are aligned with corporate strategy?
The Performance Cheat Sheet.
To help you understand the Past.
Monitor the Present.
Target the Future.
☑️Here’s what the Performance Cheat Sheet includes:
🎯 5 Performance KPIs
🎯 12 Profitability KPIs
🎯 The Financial Performance Ratios
🎯 The DuPont Analysis
🎯 Project Profitability (NPV, IRR, PP, PI)
🎯 Gross Profit vs. Contribution Margin
🎯 EBITDA vs. EVA
🎯 5 Cash Flow Ratios
🎯 5 EBITDA Ratios
☑️ Use this Cheat Sheet to set up a Performance management framework that works for you and your organization.
It will help you make sense of past organization performance, manage the current one and strategize how to achieve your targets for the future.
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Hit or miss, once your team finishes a goal, you may feel compelled to rush to the next one. Don’t do it. Otherwise you could end up repeating a costly mistake next quarter — or realize, a year from now, that you got too comfortable with your “fail-safe” process, and other teams are passing yours by.
To guard against these kinds of painful (and potentially career-limiting) outcomes, you’ll need to continually hone your goal-setting process. Try pausing after each big goal to follow these tips:
People tend to make win-or-lose evaluations of goals, but performance is rarely so absolute. For example, if you end up at 95 percent of a goal, is that the same as meeting only 50 percent? Would it have been worth the effort to push for those final five percentage points and burn everyone out in the process? Maybe. Maybe not.
Also be sure to consider less quantifiable yet critical factors, like whether your team learned, improved their process, and worked well together. Did they broaden their understanding of a new market, implement new time-saving software, or better leverage each other for problem solving? These kinds of things — more than whether they hit 95 percent versus 100 percent of a forecasted metric — will lead to future success.
So, how’d the team do on the goal? Factoring in all of your performance considerations, grade your team’s success — for example, on a scale of zero to one. Maybe your team earns a 0.9 if they hit their target metric but you think they could have collaborated more effectively, and a 0.6 if they fell well short but showed some improvement. You’re not always aiming for a one here — too many perfect scores could mean your goals are easy.
Then, walk through the full evaluation in a team debrief (see point No. 5). By including the team’s learning and improvement, you’ll be letting your team know that those things matter to you, and should matter to them, too.
How your team worked together toward the goal is one of the best predictors of how they’ll work together in the future.
As part of assessing your team dynamic, consider the important informal roles that team members played during the goal process. Ask yourself:
Depending on your answers, you may realize that some of these roles still need filling. Consider who on your team might fit the bill. Or, you may need to encourage a team member to embrace their informal role more fully, or gently suggest that someone tone it down (for example, by saying to an overzealous expert, “Wei knows a lot about this too, and I’d like to be sure she has a chance to share her expertise”).
Goals give you tunnel vision — great for helping you and your team focus on an objective, but potentially terrible for noticing what that focus may be costing you. So when reflecting on the goal process, check whether high expectations or stress have caused you or your team to:
If any of these sound familiar, you’ll need to address the issue, either with individuals or through team feedback.
Self-reflection is critical to improving as a manager. Think back to pivotal moments in the goal process: expectations you set (or didn’t set!) around the objectives, feedback you gave to both individuals and the team, tasks you delegated, coaching you delivered along the way. What were the results of your actions? For example, in the case of feedback you gave, did the team heed and implement it? If not, you might want to work on giving feedback and your persuasion skills.
You’ll get a fuller picture of your performance if you ask your team members for feedback. Ask them what you did that worked well and what didn’t, so you get specific results that aren’t all positive. For help navigating what can be a tricky ask, given the power dynamic, see the video below.
Experienced manager Grayson Morris explains how he “seeds” the conversation to get more honest feedback from direct reports.
Whatever you call it — a debrief, post-mortem, retrospective — schedule it soon, before you and the team are onto the next project or packing your bags for vacation. Your goal should be to walk out of the room knowing what the team’s going to do differently next time, and who’s responsible for making what happen.
This is often tougher than it sounds; teams tend to focus on dishing out recognition and possibly blame during a debrief — to the exclusion of what to do with this information. As these acknowledgments come up, you can incorporate the feedback you developed while evaluating yourself and your team, as well as ask, “What steps can we take to improve this next time? Who might be responsible for making this change?”
Too often, teams go back to their desks after debriefs and forget what just happened, which means everyone just wasted their time. One debrief may not give you all the answers, but likely it will give you at least an idea or two to test, which will provide you with even more data to learn from.
You’re not looking to do some massive experiment that stakes the team’s reputation on the results. As experienced manager Michael “Zipp” Zippiroli explains, he prefers small, controlled tests: “I am uncomfortable with my team doing whatever they want,” he explains. “I am comfortable with them saying, ‘I have a hypothesis I’d like to test. My hypothesis is X, and I’d like to do five calls to try it.’”
Just make sure you’re measuring what you think should change (as well as important things you don’t expect to change, to check your assumptions). Also have a group doing it the old way, so you have a comparison for your test.
Once you have your team’s results, you’ll also have an audience — your manager and peers want to know how things went. And there may not be a better time to give your team’s ideas a voice. In addition to communicating how your team performed:
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CEOs want to achieve peak performance.
But…
→ They struggle to align goals across their organizations.
→ They struggle to implement effective performance management systems.
→ They struggle to make informed decisions based on data, diverse perspectives, and risk assessments.
🎯 Here’s a 15 point checklist with 140+ check points to help CEOs overcome these challenges and achieve performance excellence:
1. Align Organizational Goals
2. Develop and Implement Effective Performance Management Systems
3. Enhance Data-Driven Decision Making
4. Create Balanced Incentive Structures
5. Foster a Culture of Continuous Improvement
6. Improve Risk Management Strategies
7. Enhance Leadership Communication Skills
8. Build Resilience and Adaptability
9. Invest in Employee Development and Succession Planning
10. Promote Ethical Leadership and Corporate Governance
11. Adopt a Global Perspective and Cultural Sensitivity
12. Focus on Personal CEO Development
13. Leverage Technology for Efficiency
14. Build Strong Stakeholder Relationships
15. Ensure Sustainability and Social Responsibility