| ♦ | Feature Article: Valuing the Measurable |
| ♦ | Ask Amanda: My profitability targets are unrealistic, yet I still have to deliver. Suggestions? |
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Practical Tips: Know Your Numbers |
Valuing the Measurable
As the first quarter closes and we get ready to pay our taxes, numbers are top-of-mind for many of us. Astute executives understand that objective results—often expressed numerically--carry significantly more weight in most companies than subjective outcomes. Understanding how to leverage this bias to help achieve your business goals is an invaluable skill (see, that would be a subjective measure!).
Much of our corporate success criteria come from the time when the economy was based on manufacturing, so it’s heavily weighted toward measuring efficiency and quantifying effectiveness. Numbers are seen as somehow more factual, even though we all know that they can be used to prove or disprove anything, depending upon how things are calculated.
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Often there’s a good reason and the real reason. |
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Practical Tips: Know Your Numbers
Knowing the criteria your company uses to evaluate your department is critical, whether delivering on them is your responsibility or not. Regardless of your level, make sure you understand these three areas in a topline way.
Understand Interrelationships
Understand how your department’s performance fits within the larger scope of the organization in order to prioritize your actions. For instance, if your function falls on the expense side of the balance sheet, you’re probably being judged on how efficiently you can deliver your product/service without impacting quality.
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