While it isn’t necessarily popular, all things of note and import need to have some quantitative or qualitative measures. Measuring success is that yardstick on anything that helps you put your arms around it and understand its relevance to your company.
So what kind of measurements will you put in place to help secure this finish strong initiative?
There are both quantitative and qualitative measure:
- Quantitative are mathematical and usually rely upon hard numbers
- Qualitative are more about the quality of an attribute an and can be measured as well
Let’s start with the pure sales numbers (usually quantitative):
- An expectation of XX% increase in sales.
- Acquisition of YY new clients.
- Improve your close rate by WW%.
Moving on to human resources, you might expect:
- NN new hires.
- Implementation of a new training program.
- Creation of a retirement plan
Then there is operations:
- Increased internal productivity of ZZ%.
- Improved profitability of PP%.
- Process improvement of MM%
On the qualitative side there are more “squishy” items:
These do not have to be for a product or a manufacturing process. Delays, defects and deviations happen in every business including service-based businesses. Take an HVAC and plumbing company:
- Delays can be late arrivals for appointments.
- Defects could be dissatisfied customer visits or a problem not solved.
- Deviations could be not following through on a standard customer interaction process.
Every one of these can be quantified and some level of over, or under, performance can correlate to a dollar or budget impact.
And so on. You get the idea. These are measurable goals. The goal -setting process will help you better understand your company, too.
For more information about how to finish the year strong, please reach out to us. We’d love to hear from you.
The New Paradigm Advisors team