Executive Scorecards that Work: Objectives
You know that your financial data alone can’t give you or anyone else a true picture of your organization’s performance. But you still rely heavily on budget reports to guide your management decisions. And if you are like most government and non-profit executives your efforts to go beyond the financial information have added to your workload and created almost as many problems as they have solved. But there is a better way to manage performance.
Develop your own executive scorecard to provide clarity and predictability in your performance management and you can dramatically improve your performance. Using a streamlined approach, this workshop will teach you the basics of building scorecards. Bring the latest draft of your strategic or department plan to this session because you will learn by doing: at the end of the day, you will leave with one ready-to-use scorecard.
To build this scorecard, you will:
1. Create a strategy map
- Establish cause and effect
- Define performance drivers that support outcome achievement
- Do the right things: check activity alignment to achieve your mission
- Clarify strategic themes
- Communicate strategy clearly to all employees
2. Identify critical business objectives for each scorecard perspective
- Link objectives to strategic plan
- Align objectives with success criteria
- Map objectives to budget
3. Develop critical measures
- Avoid data fatigue
- Focus operational activity on value adding actions
- Categorize critical performance measures
- Identify measure owners and create visible accountability
4. Set measurable goals
- Understand the “balance” in balanced scorecard
- Create challenging, but realistic goals
- Write specific, complete goals
- Design lag and lead indicators
- Set targets that improve performance
- Design a viable data collection process
- Design a communication plan to roll out the scorecard
- Create an environment for success
- Design training and support owners
- Talk effectively about poor performance
You’ll finish the day not only with a management tool you can actually use, but also with a solid understanding of how to repeat the process yourself.