We have heard it so many times, "What gets measured, gets managed!". Yet, many business leaders today often overlook this simple rule and neglect to implement an effective metrics system that drives performance, monitors results and creates enduring shareholder value.
Why is this? I believe many managers either think it is too complicated, not effective, and/or time-consuming with little impact on the bottom line. Nothing can be further from the truth. An effective metrics system is easy to implement and maintain, has an incredible impact on the health of the business and is one of the most critical levers that can be applied to accelerate the growth of your business. Properly designed and implemented, a metrics system can be the one, truly objective voice that speaks to you on the current health and future viability of the business.
If you are interested in setting up a simple system to truly measure effectiveness, do the following: