After you’ve developed an action plan — and ensured its implementation can be supported in your organization — you need to determine how your business plan can be measured and controlled.
You can create a management reporting system to help you do this. A proper reporting system can help you monitor progress in relation to targets and outcomes. And it can confirm whether or not your business plan is on track.
When you establish a reporting system, you’ll be able to measure how your team is performing — and quantify the results. If the results aren’t satisfactory, you can take corrective action if necessary.
Creating a reporting system
To create a reporting system, you need to define key performance indicators — and set parameters for each one. It’s also necessary to relate performance measures to employee behavior and use comparative data to identify trends. Finally, it’s important to structure report formats effectively. And, it’s important to identify a good mix of performance areas.
To create a reporting system, the next step is to relate performance measures to actual employee behavior. To do this, you should incorporate the various performance targets you’ve identified into specific work plans and job descriptions. This should encourage employees to meet — or exceed — acceptable performance levels.
It’s a good idea to offer employees rewards and recognition when they’ve achieved performance targets. This can help you get the results you desire from your team members. It can also inspire and motivate them to continue doing excellent work.
When creating a reporting system, the next thing to do is to use comparative data to identify significant trends and relationships. This can help you determine how the current performance of your employees is likely to impact the future operations of the business.
Developing control procedures
Effective implementation of your business plan involves more than reporting information in a well-designed format. You also need to put a system in place so you can use your reports for control purposes.
To develop effective reporting and control procedures, you need to decide whom to involve in your reports. Also, determine the frequency of your reports and establish a suitable performance review process.
To develop effective control procedures, you need to decide whom to involve in your reports. So first identify to whom in your organization you should distribute reports. This might be just a few key people or the entire project team.
Read more on Medium.com