Measure and Communicate Your Financial Five

How do you measure your results?

For those of us in sales, the answer is simple (yet probably incomplete) - revenue. But there's more.

For those of us in operations the answer is also easy (and also incomplete) - reducing expenses. That probably includes doing what you do faster, better, and cheaper.

Whatever your job, and in whatever field - for profit or not-for-profit, your organization is directly impacted by five key measures. Five financial levers that determine the health or struggles of your team.

Revenue - the money you bring in. Gloriously, this number is unlimited.

Expenses - managing the money that you spend to stay in existence and produce what you do.

Customer Happiness - more than satisfaction the best organizations determine how they can delight their customers and bring joy into their lives. What better way to create repeat business?

Team Member Happiness - because happy team members are productive team members and tend to stay with your team much longer. Also, it just feels much better.

Compliance -- obeying the law, following the rules of your governing bodies, staying ethical and true to your organization's values.

Five Financial measures that any high performance leader must pay attention to and determine how the team will deliver on the positive side of those measures.

What's your team's biggest impact?

Do they know? Are you telling your team what to focus on?

It's easy to measure hundreds of things. We live in a time of big data, plentiful data, detailed data. We can measure anything. Are you measure the right things? Are you measuring -- and communicating to your team -- how you are doing on the financial five?

-- Douglas Brent Smith

Front Range Leadership: Fast, Affordable Leadership Training

Comments

Let Them See You Work

If you can't seem to hire good performers with a solid work ethic, you might need to develop them. Maybe start by showing them what that looks like, or as John Maxwell has said "Know the way, show the way, and go the way." You know, walk the talk. I know a LOT of leaders who complain about work ethic. Maybe they need to let their people see them work... -- doug smith

Leadership Warning

If you visit the dark side, don't get stuck there. -- doug smith

Careful Expectations

Change agents don't always play by the rules. Expecting them to is the act of a fool. -- doug smith

Celebrate Progress

When was the last time that you were frustrated in trying to learn something? If you can't remember, maybe it's time to learn something new -- something tough and challenging. Truly worthwhile endeavors are often struggles. The satisfaction comes not only in the final result, but also in the progress toward that final result. The best way to avoid a sad let-down once a goal is achieved is to enjoy the journey all the way thru. Celebrate your progress! Not so much that you feel finished, but enough so that you feel able. Celebrate progress, and then keep on progressing. As that beat poet and philosopher Harry X. Tudas once said, "Feel in the groove but continue to improve." -- doug smith

Start Positive

I went thru a grumpy period in my life. It was like a rut that was so deep no light could get in. It fed on its own bumpy grumpiness until that's all I could feel. Yuck. Forget that now. Now, I start with a positive thought. I could be wrong about finding the silver lining, but I've learned that I won't see the silver lining unless I look for it, and that's the place to start. Even the smallest positive effort has a positive impact. Let's start there. -- doug smith

Freedom and Responsibility

Freedom without responsibility produces more harm than good. Responsibility without freedom sparks certain revolution. High performance leaders don't FIND the balance, they CREATE the balance. Start by listening. -- doug smith

The Benefits of Supervisory Training

When was the last time you had any leadership training? How often do the supervisors in your organization get training? If you are like most organizations, it's never enough. Some teams go without any supervisory training at all and expect supervisors and managers to learn as they go, on the job. Unfortunately, while it is memorable to learn from your mistakes, it comes at a high cost. People get tired. People leave. Important accounts go away. Customers complain. And teams struggle without the skills and knowledge it takes to build cohesive teams that are capable of solving problems, improving performance and achieving goals. Admittedly, I can be expected to support training since I'm in the business. Still, take a closer look at your own leadership career and decide for yourself. Are leaders better off with more training and development or with less? Supervisory training can generate benefits that pay off long after the training is over. Here are just a few of the things sup

Feedback Takes Practice

How good are you at providing feedback? If you're not sure, ask your team members. If you are good at it, they'll tell you. If you're not good at it, then maybe they will and maybe they won't. Feedback does not come easy. Skillful, useful feedback that improves both performance AND self-esteem is a delicate balance of recognizing positives and occasionally providing insights on areas of improvement -- all placed into the context of why it matters. Without the "why" -- why the feedback matters, why the improvement matters, why the performance matters, all the feedback you can muster will only fluster whoever you provide it to. Tell them what they did that was great, ask how they could make it even greater, and share with them why it all makes a difference. Because unless it really makes a difference who cares? Feedback, like any skill, takes practice. -- doug smith

Push Beyond

Standing still is not an option. We can pause, we can relax, and we can certainly breathe, but there is work to be done. There are problems to be solved. There are goals to achieve. The status quo is not for you. High performance leaders push beyond the status quo. -- doug smith

Punishment and Fear

Have you ever been punished by your boss? Maybe it takes the subtle form of a vacation request that's denied. Or, maybe it's more obvious like a probationary period when some of your privileges are at stake. It could be an authorization level that gets lowered. It could be a stern warning that unless things change you'll be headed for the exit. There are lots of ways that bosses punish team members. How do you like it? Punishment and fear create short term compliance and long term rebellion. Maybe the side effects are immediate, like a passive aggressive destruction of an important document. Oops. Maybe the side effects happen way down the road, as people mysteriously leave the organization to find a less punishing environment. But the side effects are inevitable. What does punishment teach? Punishment teaches how to punish. Is that what you want? There are better ways to improve performance: - Coaching - Rewarding good performance - Acknowledging effort

High Performance Leadership

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