Make sure that whoever types your infrequent memos uses alphabetical order. Otherwise, some of your people will go through Freudian agonies as their names rise and fall on the addresses list and they appear to rise and fall in your favour.
Building and Implementing the Balanced Scorecard (the 9-step framework)
There are literally thousands of Balanced Scorecard toolkits and building methodologies, but the 9-step framework designed by Howard Rohm of the Balanced Scorecard Institute, a Strategy Management Group, (US, Washington), was found to be the most relevant, practical and implementable one.
Phase 1: Corporate Scorecard
Step One: Organisational Assessment
Step One of the scorecard building process is about a number of things: to finalise the Balanced Scorecard Plan which will detail, among others, all the teams that will be involved in the designing of the scorecard and the training they will require.
Secondly, Step One involves conducting the organisation assessment of the strategic elements: the mission and vision, SWOT and organisation values.
Thirdly, Step One is also about preparing a change management plan for the organisation, which will entail conducting a change readiness review to determine how ready the organisation is in embarking on such a journey and what needs to be put in place to make it ready, as well as defining communications strategy which will identify the target audience, key messages, media channels, timing, and messengers of the communication. The change management activities will take place throughout each step.
Step Two: Strategy
Step Two (Strategy) is about determining the strategic themes, including strategic results, strategic themes, and perspectives, which are developed to focus attention on the customer needs and their value proposition. The most important element of this step is to ensure that you have unpacked what your customers are looking for from your organisation in terms of function, relationship and image to determine whether you are providing value to your customers.
Step Three: Objectives
Step Three (Objectives) is about determining your organisation’s objectives – that is your organisation’s continuous improvement activities, which should link to your strategic themes, perspectives and strategic results.
Step Four: Strategy Maps
The objectives designed in Step Three are linked in cause-effect relationships to produce a strategy map for each strategic theme. The theme strategy maps are then merged into an overall corporate strategy map that shows how the organisation creates value for its customers and stakeholders.
Step Five: Performance Measures
In Step Five, the performance measures are developed for strategic objectives. Performance measures should be defined clearly, differentiating the outcome and output measures, as well as the leading measures (future expected performance) and lagging measures (past performance history). In this step, you will also design your performance targets. This might be perceived as the most difficult and confusing step, so it is important that a bit of time is apportioned so that the performance measures will be meaningful.
Step Six: Strategic Initiatives
In Step Six, the strategic initiatives are developed that support the strategic objectives. This is where the projects that have to be undertaken to ensure the success of the organisation (the extent to which the organisation fulfills its mandate or vision) are drafted and assigned. To build accountability throughout the organization, performance measures and strategic initiatives are assigned to owners and documented in data definition tables.
Step Seven: Software and Automation
Step Seven (Software and Automation) involves automating the Balanced Scorecard system, and consists of analysing software options and user requirements to make the most cost-effective software choice for today and to meet enterprise performance information requirements in the future. Automation is purposely put as Step 7 on the 9-step framework, to make sure that the proper emphasis is placed on strategic thinking and strategy development before “software seduction” sets in. Purchasing software too early limits creative strategic thinking, and purchasing software late makes it difficult to sustain momentum of the new system, as performance information reporting utilisation is clearly an early benefit to be captured from the process of building the scorecard system.
Phase 2: Business Unit or Departmental and Individual Scorecards
Step Eight: Cascading
Following the development of the corporate scorecard, Step Eight (Cascading) involves cascading the corporate scorecard throughout the organisation to business and support units. Then team and individual scorecards are developed to link day-to-day work with departmental goals and corporate vision. Cascading is the key to organisation alignment around strategy. Optionally, objectives for customer-facing processes can be integrated into the alignment process to produce linked outcomes and responsibilities throughout the organisation. Performance measures are developed for all objectives at all organisation levels.
As the scorecard management system is cascaded down through the organisation, objectives become more operational and tactical, as do the performance measures. Accountability follows the objectives and measures, as ownership is defined at each level. An emphasis on results and the strategies needed to produce results is communicated throughout the organisation.
Step 9: Evaluation
Step 9 (Evaluation) involves evaluating the success of chosen business strategies. The key question asked is: Were the expected results achieved?
The evaluation step includes the following:
Ensuring that organisational learning and knowledge building are incorporated into planning
Making adjustments to existing service programmes
Adding new programmes if they are more cost effective
Eliminating programmes that are not delivering cost-effective services or meeting customer needs
Linking planning to budgeting
Sustaining the Balanced Scorecard
There is a misconception that once a Balanced Scorecard System has been built and implemented, there will be automatic transformation and buy-in. For the Balanced Scorecard to be successful and for change to occur, the scorecard must be embedded in the management systems. The scorecard must be understood to be a strategic management system as opposed to only a measurement tool. However, to ensure that the implementation of the Balanced Scorecard System will minimise resistance, certain things need to be in place…
Firstly, the Balanced Scorecard is a transformation journey and change initiative, not a once off project. Treat as such. Ensure that you have designed a Change Management plan which should run parallel to the Balanced Scorecard. The Change Management plan should address, among others, employee resistance and employee critical questions, i.e. “WIFM” – “What’s in it for me?”
Maintain a committed and engaged leadership. After all, change should be driven from the top
Develop an organisational culture based on results by establishing a strategy management office
Focus the organisation on strategy by holding review meetings organised around strategy
Enhance individual accountability for results through objective ownership
Align the organisation, systems and employee performance around strategy through a rewards and recognition programme
Create a performance, results oriented culture
Link budget formation, cost accounting and performance results
Emphasise continual improvement – in process, in employee learning and skills development, and in understanding customer needs and satisfaction, and in ensuring employee satisfaction
Link key organisation initiatives to the balanced scorecard development process
(Balddrigde, ISO Lean, Six, Sigma, Business Process Re-engineering)
Howard Rohm; Larry Halbach: A Balancing Act: Sustaining New Directions: Perform, Volume 3, Issue 2
Need assistance with developing your organisation’s Balanced Scorecard? P4PE Consulting provides training and consulting services using the Balanced Scorecard methodology, a framework used by organizations worldwide to build strategic planning and management systems that drive organizational performance, improve communications and create strategic alignment.
Joel Omeike! is a DBA graduate and qualified Global Human Resources Management and Development Specialist. His areas of expertise include Entrepreneurship, Business Strategy Development, HR, HRM and HRD Strategies and interventions design such as Change Management, design and implementation of Performance Management, as well as Skills Development. His sought-after experience as a trainer and facilitator has seen him practice his skills at various levels of management; at both national and international forums. He is a BIG Data Analyst. Joel is also a renowned teambuilding expert and motivational speaker. Joel is a Certified Business Value Builder. He can be contacted at: P4PE Institute, Tel: +234 803 5798352 www.p4pe.co view his profile: www.linkedin.com/in/joelomeike
CHASING YOUR BUSINESS & ENTREPRENEURIAL DREAM
#DreamChasers Day -003
A lot of people dream of having their own personal business but really have not done anything about it. Some others have been worried about the abysmal performance and undergrowth of their business. They wish it could grow bigger, return more rewards etc. Well, 2018 is a perfect opportunity to actual chase these dreams.
Set about working on your business next year. Here are areas you can work on:
Quitting Your Day Job:
Sometimes it is so hard to let go of something that pays your bills monthly. Yet some complain and hate their job. Why on earth will you spend years working without fulfilment? Living from paycheck to paycheck. It is time to plan towards finding your passion and making a business out of it. Get to work on this in 2018.
Starting Up your business:
Some have written several business plans, attending a lot of courses on starting a business, but still, haven’t found that perfect business idea or the strength to float one. Others have given up because they can’t find sponsors or funding for the business. 2018 presents yet another opportunity to give it your best shot. Make sure by this time next year you have a business card that reads: Founder, Co-Founder, CEO, MD, Chairman or Owner.
Transforming your dying business:
Your product and service quality is dropping. Your revenues are on a downward spiral every month. Customers don’t come back. The best employees are leaving. Supplies don’t make you a priority anymore. Investors are pooling out. The banks are calling every day threatening closure. Give that business of you’re the best transformation next year. Bring it back to life and achieve more.
Growing your business:
You have dangled at the bottom of your industry for too long, unable to expand and spread your business. You wish every time to open that second store, hire more staff, and move into a bigger office space, but it just doesn’t add up. Chase the dream in 2018 and grow that business of yours.
Developing New Products/Markets:
Have you carried the same products and services for too long? Have you targeted the same market all over and over again? Is competition stealing your lunch daily? Work on what the strategies call “Blue Oceans” and find new products and markets you can serve. Doing this may even transform and grow your business. Get help in 2018 and work on your products markets
Join our #DreamChasers coaching program and see what success awaits you in the first 100 days of 2018. Learn more… www.p4pe.co/blog/dreamchasers/
Stay with us tomorrow and learn more about what #DreamChasers are made of. Feel free to share and comment on this abridged article. You can read the full article online: http://www.p4pe.co/blog/dreamchasers/ Subscribe to the weekly #DreamChasers newsletter and receive a free 2018 #DreamChasers toolkit.
CHASING YOUR PERSONAL DREAM
#DreamChasers Day -004
One major area you can achieve significant improvement is in your chasing your personal dreams. You can set grand goals and dreams around the following areas of your personal life:
Professional Development Education:
Set goals around improving yourself. Get another degree, certification or learn something that improves your personal vocation and hobbies.
It may be time to switch jobs if your current job is not challenging or rewarding enough. Or if you are struggling to fit into your current organisation. For others, it is a complete career change… transitioning from one field to another (e.g. from customer service to Human Resources, Operations to Sales & Marketing).
Personal Health & Fitness
It is time to listen to your mirror and your friends. Time to set goals around gaining that figure and weight. Build up to six packs or trim down to fit those gowns at the stores. Perhaps it’s time to pay attention to your health – time to say good-bye to those heavenly junk foods. Change your diet and live more healthily. Or perhaps it’s a change in lifestyle that you need to focus on. It is said that most illness is lifestyle caused.
The happiest people on earth today live longest amidst people they love. They are at peace with themselves, Family, Friends and Faith. These are the three most important relationships in life and you are right in the middle. Dream and chase some reunion with the three Fs. Improving these three improves your success in life.
Chase any combination of these personal dreams and increase your chance of living a more fulfilling life.
Join our #DreamChasers coaching program and see what success awaits you in the first 100 days of 2018.
Stay with us tomorrow and learn more about chasing your Business Dreams in 2018 – from start-up to thriving to growth.
Feel free to share and comment on this abridged article. You can read the full article online: www.p4pe.co/blog. Subscribe to the weekly #DreamChasers newsletter and receive a free 2018 #DreamChasers toolkit.
Pleasant day to you, trust you have had an impactful year. For some, 2017 is just another year gone by; for some others, it was full of regrets, near misses, and actual misses. But for some others, it was so eventful they have the scars on their personal development, career progression, business start-up and growth and life to show for it. Whatever your own part of the story, 2017 is now part of history.
In exactly five days’ time, the year 2018 will berth. It will anchor at your door post never to leave. If you haven’t thought about it, it is time to consider what dreams to chase in 2018.
#DREAMCHASERS always achieve more, have more and live more fulfilling lives than those who allow life to hit them like a high-speed burning train. #DreamChasers live a few years of their life like most people won’t, so they can spend the rest of their life like others can’t.
I am dedicating 2018 to all #DreamChasers out there. Whether you are chasing personal dreams, or business dreams, social dreams, spiritual goals – just know that it is more than possible to achieve whatever you set your passion to. Hustle it out to a successful end.
Today, we start our countdown to the #DreamChasers year, 2018. It is now Day -005.
Tomorrow, we shall engage more on how to chase personal dreams including education, professional development, career/job change, health & fitness and relationships.
On Thursday, we will examine chasing business dreams while on Friday we shall look at planning to chase your dreams in 2018. Each post includes simple to apply suggestions, checklists and tools you need to successfully plan and achieve your dreams in 2018.
Feel free to share and comment on this abridged article. Subscribe to the weekly #DreamChasers newsletter and receive a free 2018 #DreamChasers toolkit.
Founder/CEO, P4PE Institute
What is the ONE factor that drives the business performance of an organization that is not widely understood by CEOs?
HR best practices can help demonstrate that people, not financial capital or operating models, are the greatest asset of an organization. How?
This white paper explains it all. We will demonstrate how company-wide adoption of HR best practices and top-notch HR departments can positively impact business ROI. Joint research from HR Certification Institute® (HRCI®) and Top Employers Institute will help you put HR best practices at the forefront of your organization, and see meaningful results.
Access your free white paper by using the social links below!
Every group knows more—much more—than it thinks it does
SuperSWOT is a brainstorming tool you can use with your team to focus your strategy. It goes beyond the traditional SWOT by taking your strengths and weaknesses and combining them with opportunities and threats in your market. It comes in very handy after you’ve done enough market research but haven’t figured out exactly what you want to do yet. It can also help validate or invalidate someone’s pet idea.
Download the SuperSWOT Facilitation Template below:
INNOVATIVE STRATEGY DESIGN: A SuperS.W.O.T.™ is a powerful innovation session that unlocks intuitions about strategy by employing graphic exercises, quick provocative sketches, and questions designed to seek marketplace hunches.
How Does It Work?
We begin by asking participants to define their Competitive Landscape on a large Quad Map—where is your brand positioned, and where are your competitors? Now we ask: “Where do you expect to be in three years?” This is the 3-Year Strategic Path and it visually defines your strategic goal. Following this exercise, the group visually analyzes 6 to 8 Key Players (see “Sam” below.) Then we delve into your S.W.O.T. analysis and dig deep for Strengths, Weaknesses, Opportunities & Threats. As the session nears a conclusion, participants vote for the “Top-2” S.W.O.T. factors in each S.W.O.T. category. (The voting is almost always top-heavy and leads directly to strategic insights.) Finally, we begin work on your strategic Battle Cry. This is a short, motivating statement that will tell your people how to act—and your customers & prospects what to expect.
There are “4 musts” for a BATTLE CRY:
1) It must be focused on what customers want
2) It must ring true in the marketplace
3) It must be ten words or less
4) It must be memorable and “sticky”
What Makes SuperS.W.O.T.™ Different?
Your group’s innovative thinking is not simply described with words—it is brought to life by being visualized. For example, as a customer is discussed, John Emmerling quickly sketches a cartoon and asks for a name. “Sam,” someone might suggest, and the magic begins to happen: “Tell us what you know about Sam?” “Is he devoted to your brand?” “Or would he easily switch to a competitor’s brand?” “What ideas could increase your brand’s appeal to Sam?” One by one, important customers and other Key Players are sketched and profiled—a rich mother lode of insights is uncovered.
As “Sam” quickly takes shape, he gives us insights and ideas.
Who Is Involved? How Long? Where?
Conducted in your conference room, or at an offsite location, these sessions are typically attended by 12 to 20 key managers, although we’ve facilitated groups with as many as 30 participants. Participants usually include management, marketing, advertising, sales, research, public relations and communications. Invariably, this free exchange of insights and ideas is an enjoyable, stimulating experience for everyone. A session can require as little as four hours—on up to a full day.
The Session Report
At your option, within two weeks of the session a comprehensive report can be presented. Your group’s insights, intuitions, and innovations will be depicted and summarized—and the strategic directions suggested by your group will be highlighted. The report will include all Battle Cry candidates generated in the session and, if desired, we can include several additional Battle Cry candidates for your consideration. This report will be a tool you will use—again and again—to help keep your team on strategy with all eyes fixed upon the goals.
How Your Company Benefits From SuperS.W.O.T.™
We have facilitated a large number of these sessions across a wide range of industries. In every case, this process reaps your group’s combined knowledge and experience to reveal marketplace insights, create better customer understanding, and bring innovative focus to the company’s strategic planning. You can also gain the powerful advantage of a market-honed Battle Cry.
Contact us if you would want help running a facilitated Business or Talent Management Session.
DON’T FEAR FAILURE… FEAR BEING IN THE EXACT SAME PLACE NEXT YEAR AS YOU ARE TODAY!
Learn to fail forward fast. Successful people have failed more times than the average person has failed. But each time they get up and keep pressing forward to their goals.
Startup that new business today.
Join us for the #SmartStartUp weekend – The Only annual Startup and Entrepreneurial forum & workshop for people transiting from Career to Entrepreneurship and those trying or who have started a personal business!
Date: Fri, Sat&Sun, May 27-29
Venue: De Renaissance Hotel, Ikeja
Fees: N68,250 (Very Limited space)
The jump from the role of individual contributor to a first-time manager is one of the most dramatic and most challenging leaps one can make. It requires a complete shift in how you see your role and in how you deliver results. And unfortunately, most new managers are ill-prepared.
Typically organizations promote their high performers into the role of manager. But just because someone is great at getting the job done doesn’t mean they know how to work through others to get the job done. The skills that served you as an individual are not the same ones you need to be a good manager.
According to a study published by the Corporate Executive Board Company, nearly 60% of first-time managers underperform during their first two years. And they are frustrated and unhappy in their role – more than 50% reported they would rather not manage people.
Why the Jump to First-Time Manager is So Difficult
Ken Blanchard, co-author of Full Steam Ahead: Unleash the Power of Vision, said that their research shows that the role of first-time manager is so difficult because they must contend with three new realities.
The first new reality: First-time managers must shift from being responsible only for their own work to managing the work of others, as well. As a manager, they need to work with their staff to set performance goals and then manage that performance along the way. This can be especially challenging when dealing with someone who is underperforming. The second new reality: It can be emotionally challenging to manage a group of former peers who are now direct reports. Some new managers report suddenly being unfollowed on social media or not invited to lunches or other group activities. This can make a new manager feel alone and unsupported. The third new reality: Not only are they responsible for helping their own team succeed, they now also play a role in the overall success of the organization. They must manage new relationships, both with their people and with other leaders in the company. And they now serve two groups—their direct reports as well as their own leader.
A Huge Shift Without Support
Most organizations don’t understand the magnitude of the shift they are asking people to make when they promote them into a management position for the first time, and therefore don’t provide the kind of support needed to ensure success. Blanchard found that 47% of new supervisors receive no training!
No wonder so many first-time managers are miserable. They are thrown in a new role, asked to make a shift they don’t understand, and are not given support.
What Can You Do? If your boss is a new manager, cut him or her some slack. Recognize that new managers are struggling and are going to be making a lot of mistakes. You can make it easier for everyone if you let go of the things that don’t really matter, speak directly with them about the things that do matter, and don’t complain about them behind their backs. If you are a new manager, recognize you are going to make mistakes, and be prepared to apologize when you cause problems for your direct reports. “I’m sorry” goes a long way. Don’t try to figure this out by yourself. There are some excellent resources available. Ask your boss for help, read books like The New One Minute Manager, and ask about training in supervisory skills. If you manage new managers and your company is one of the 53% that doesn’t offer training, consider establishing a program in your company. Ken Blanchard’s First-Time Manager Program looks like excellent program, and I would expect it to be of the same high caliber as all of their other programs.
Recognising leadership potential is no easy matter. It is one of the major research subjects in management literature. In this whitepaper you will find a description of the Talent Grid. What does this model have to add? It is an accessible and simple model, which has evolved from practical experience. The model has proved to be one that is easy to use by both professionals and management for the selection, assessment and development of talent. The added value of the Talent Grid lies primarily in the fact that it provides the opportunity for communicating in one ‘language’ on the issue of management qualities.
HOW TO USE THE TOOL
“Ambition and risk-taking are not easy to develop, but organisational sensitivity often is.”
The Talent Grid has a variety of practical applications. In assessing potential, the grid can help to determine the directions of development of (future) managers. It can also contribute to an objective approach to the discussion of comparing people, for example in personnel planning and promotion issues. It can be used as a general indication of differences between people (the axes), but also to identify the finer differences (in terms of behaviour) between people. Determining the behavioural characteristics makes it possible to approach the dimensions in an objective and measurable fashion. The manager can form a good impression of his (future) employee through criteria-based interviews and observations. The STAR methodology is often used in this interviewing technique. By posing specific questions on practical examples and specific situations, tasks, activities and results (S.T.A.R.) within those examples, quite accurate conclusions can be drawn regarding the competencies of the applicant or employee. The point is to collect examples of proven past behaviour as a prediction of future behaviour.