Voicings: Focus on the Fundamentals
Question 4: What are your results?
While we’d all like to do everything, the truth is that we all have limited resources. Management’s job is to maximize results by allocating resources most efficiently. To do this well, you must know what is working and what is not working in your business. The trick is to strengthen what works and abandon what doesn’t and that requires that you “keep score” by tracking your results. Start by identifying what really matters in your business, your “keys to success” if you will. Once you’ve identified them, develop “metrics” that support them and develop procedures to track those metrics consistently. From this objective measurable starting point, you can accurately evaluate your business and efficiently allocate your scarce resources.
Question 5: What is your plan?
To further your mission requires action today and goals for tomorrow and for that you need a plan. Your plan describes where you are, where you want to be and how you will get there. If it’s well crafted, it will consist of a handful of general, overarching goals supported by specific, measurable objectives that help you achieve these goals and detailed action steps that you can follow to accomplish your objectives. The plan is ever evolving and not cast in stone or stuck on a shelf. Ultimately, planning follows a circle of mission-goals-objectives-action steps-budget-feedback-mission. It’s a never ending process that keeps you on the right track towards success.
In these difficult times, the survivors will be those that have the discipline to apply the fundamentals and stay focused on their mission. Do it now!
Frank K. Sterns is the president of Niles Audio Corporation. He can be reached at email@example.com