Develop performance measures and operational targ

[Midfielder]

Post your tho's on this element on this thread.

[nirmala]

Develop performance measures and operational targets to confirm with business...

1. Establish monitoring and measuring strategies to ensure your quality management
processes are working.
2. Develop corrective action procedures to handle non-compliant products and customer
complaints. Set up remedial and preventive action procedures.
3. A business will not grow and prosper without a well
developed strategy and proper planning.
While many businesses may think they don’t need a strategic or business plan, having a direction of where your business is going and how you will get there will keep a business on track, ensure that others are working with you to achieve success, and add credibility to what you are doing.
Remember, you must take the time out to work ON your business, not just IN your business.
Goals can be financial, reputational, cultural, customer focussed or even community based. Along with goals striving to achieve the company’s vision and mission, they must also be aligned to the company’s values.

Goals should be seen as opportunities for the company, not a burden that is out of reach or a fanciful suggestion. Goals can be established for the entire company and/or for individual business or operational units. They can also provide a framework for developing key performance indicators (KPIs) at a company, business unit or individual level.

The most important aspect of developing goals is gaining commitment to achieve them from everyone involved in the company. Therefore, good communication during the developing process is needed, and once confirmed they should be shared widely and openly discussed.

[rosebud]

Business strategy & planning
A business will not grow and prosper without a well developed strategy and proper planning.
While many businesses may think they don’t need a strategic or business plan, having a direction of where your business is going and how you will get there will keep a business on track, ensure that others are working with you to achieve success, and add credibility to what you are doing.
Remember, you must take the time out to work ON your business, not just IN your business.
One of the most important roles of a business owner and manager is developing a strategy and putting in place a business plan.
While this is not always easy and it can be time consuming, once completed there will be many flow on benefits making your business more successful.
In this section, you can learn the basics about:
Developing business goals
Whether expressed explicitly or not, most small business owners and managers have goals for the business they would like to achieve.
Planning for growth
Growing a business involves the whole company.
Growth strategies
Growing a business can be tough, and in today’s competitive world business owner and managers need new strategies and new thinking to take their business to the next level
www.smallbiz.nsw.gov.au/grow/strategy/Pages/default.aspx

[ashrafun]

The challenge for organisations today is how to match and align performance measures with business strategy, structures, operational targets and corporate culture, the type and number of measures to use, the balance between the merits and costs of introducing these measures, and how to deploy the measures so that the results are used and acted upon. Business Performance Measurement is concerned with: measuring the efficiency and effectiveness of actions; aggregating and standardising information; setting appropriate targets in accordance with the business plan.
The development of performance measures plays an important role in formulating and clarifying plans and strategies and setting targets for employees, project teams and business units whether a business is big or small. Performance measures should be part of a consistent performance measurement system which connects measures for top management, different business units, middle and lower management and sometimes even individual projects and employees. A performance measurement system should also ensure that a limited and manageable number of measures are chosen and that the measures are balanced in terms of:

1. Financial and non-financial measures;
2. Leading and lagging indicators (input, process and output measures);
3. Trade-offs between measures.

A well balanced performance measurement system will help to:

1. develop, discuss and formulate the business strategy;
2. communicate the strategy throughout the organisation;
3. define objectives and specify targets for business units, project teams and employees;
4. motivate and monitor employees and managers and guide their actions;
5. inform employees, managers and shareholders on the efficiency and effectiveness of past actions and strategies and the likelihood of success for future actions.

[anilla]

Companies need a way to focus and stay focused. They need, in effect, a well-defined and well-executed strategy and action plan. No strategic plan in and of itself can help a company change and move ahead to capture more market share, improve products, increase customer satisfaction, or whatever is recommended within the context of a strategy. Effective strategic business planning requires a dynamic, methodical process that keeps the organization focused on the right issues and actions. This means management must diligently define and redefine the four essential components of a successful strategy and tactical actions:

1.Strategic goals, which are brief statements of what top management wants to achieve in terms of growth, products, markets, profits and the like.

2.Improvement objectives, which are specific and measurable performance improvements set within certain timeframes and tied to specific strategic goals.

3.Action plans, which translate objectives into a specific set of steps, responsibilities, schedules and cross-functional teams for implementing the plans to achieve the objectives.

4.Performance measures, which provide quantitative means of reviewing, evaluating and updating actions, improvement objectives, strategic goals, and process performance.

www.reliableplant.com/Read/130/business-strategy-operations

[poonam]

Develop performance measures and operational targets to confirm with business plan:
Business Strategy and planning.Strategic planning is an essential process for every business. Effectively, it puts in place the overall game plan for the business. The strategic plan should be treated as a living document. It should be reviewed regularly and updated to ensure it always provides a current view of where the business is heading.The strategic plan sets the direction for the business over an extended time (three to five years for example). It defines the goals for the business, what the business will do and how it will do it.
Items to be covered in a strategic plan include:
1.mission, vision, values
2.SWOT (strengths, weaknesses, opportunities, threats)
3.issues analysis, including a definition of core competencies
4.overall business direction, goals and objectives
5.key business initiatives
6.allocation of resources
7.situation analysis and assumptions including:
analysis of the markets the business is in and their future direction
analysis of the performance and strategy of competitors
an environmental scan (for example, using PESTLE analysis – which considers political, economic, social, technological, legal and environmental factors).
Wise businesses communicate the key points of the strategic plan to staff. This helps them understand the direction of the business. A business plan is a one-to-two year subset of the strategic plan that describes in greater detail how the business will progress its strategy.
Establish a formal, ongoing planning process to ensure enough time and resources are dedicated to effective planning.
Business Quality Systems services clients from a wide industry base including:
• Building - Construction - Engineering - Design
• Information Communications Technology (ICT)
• Health - Law - Accounting - Recruitment
• Motor Trades - Manufacturing - Services
• Registered Training Organisations (RTO)
Business Quality Systems can assist your business to attain preferred supplier status with both government and private clients. The process can be started in person or via online data transfer (in the preliminary stages).
Business Quality Systems has set its own benchmark of achieving Total Customer Satisfaction.

www.smallbiz.nsw.gov.au/run/strategy