Communicating and Monitoring Success at Reaching Strategic Goals

Scorecards present Key Performance Indicators (KPI’s) that the company/department deems is appropriate to gauge success at achieving strategic goals.  These reports are metric centric.   As a general rule, KPI’s provide information which gives the reader a quick glance of success from a financial, operational, and risk perspective.  A successful scorecard will assist the company drive profitability, reduce costs and provide insight into risk.

Qualities of the basic scorecard include –

  • Simple, intuitive and easy to read
  • Department/business specific metrics – metrics impacted by team activities.
  • Tolerance ranges displayed and highlighted when breached
  • Nine to twelve key metrics to grade performance
  • Benchmarking to gauge how the company’s performance measures up to its competitors and peers (external data).

How to start – Identify nine important activities the team accomplishes, that contribute to the strategic objectives or compliance obligations of your business.  Build metrics that measure activity success.

Note – data presented rates how the company is faring based on established targets, i.e. based on your annual plan.  This type of report does not do a good job at presenting trend data.

What is your experience?

Author: Regis Quirin
Visit Regis's Website - Email Regis
Regis Quirin is a financial executive with 23 years of corporate experience, i.e. New York Stock Exchange, JP Morgan Chase, and GMAC ResCap; and 15 years working with small and medium-sized entities, i.e. joint ventures, start-up entities, established businesses. In 2014, Regis published "Redesign to Turnaround Underperforming Small and Medium-Sized Businesses" available via Amazon.
© Copyright 2012 Regis Quirin, All rights Reserved. Written For: CFO Tips - What you need to know, to be a CFO TODAY!

Regis Quirin

Regis Quirin is a financial executive with 23 years of corporate experience, i.e. New York Stock Exchange, JP Morgan Chase, and GMAC ResCap; and 15 years working with small and medium-sized entities, i.e. joint ventures, start-up entities, established businesses. In 2014, Regis published "Redesign to Turnaround Underperforming Small and Medium-Sized Businesses" available via Amazon.

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