22.) Success Metrics, Goals and Initiatives
Success Metrics, Goals and Initiatives-the what, how much and how
‘If you can’t measure it, forget about it’, is an often- heard phrase that is VERY applicable to the strategy execution world. Success metrics provide the markers on the gauges of your strategic execution dash board.
While Strategic Focus Areas provide DIRECTION for your efforts, Strategic Success Metrics are indicators of your PROGRESS and ultimately ACHIEVEMENT. And they provide feedback on how well your initiatives are being deployed.
For example, if one of your Strategic Focus Areas is Product Innovation, a trailing indicator of success might be % of total sales represented by new products. This is a TRAILING indicator because it measures after-the-fact results.
A LEADING indicator of success might sound like……# of new product ideas generated per month or the % of new product ideas that have successfully passed through preliminary screening.
Leading indicators are needed to provide early warning signals to avoid being caught short of reaching your strategic output or end state goals. They allow you to forecast your success at executing your strategic plans.
MAKE IT HAPPEN.