Keeping track of your strategy can be a bit of a daunting task. If you are a company Strategy Director and you have been given the task, you may be feeling like you have been handed a poisoned chalice. Unlike a General dictating strategy in the Army, typically, a Strategy Director is a bit of a loner. He or she may hold a very senior position, often reporting directly to the company CEO while at the same time having no direct reporting staff. A Strategy Director often relies on the goodwill of peer directors to get things done.
So when it comes to reporting on the strategic progress, the activity is often seen as an ‘interruption’ to day-to-day operations. The Strategy Director will use charm, cunning and finally a CEO mandate to get results. It needn’t be this way. By creating a Strategy Scorecard, strategic measures can be embedded into operational measures and therefore included during regular operational reviews. This also means you will begin to focus on the right things rather than waste time on the wrong ones.
Using this method has been an eye-opener to many organisations. It has meant they no longer have to scramble around at the last minute trying to find the right measures for an ill-defined strategy. There is a small amount of work that needs to be done up-front looking at organisational priorities, business objectives, measures (KPIs) and projects/initiatives, but this tends to be an annual quick-fire activity. Selection of the right software is crucial, there are several dedicated software packages available. Be sure to select one that allows you to monitor both operational and strategic KPIs at the same time. A KPI Software solution like Scoreboard will fit the bill.
Finally, take care to ensure these activities are communicated on a regular basis. There is often nothing more encouraging to staff than a strategic win. If your measures clearly demonstrate you are headed in the right direction, be sure to let everyone know.