Tips On Metrics and Maintenance Of Balance For Organizations and Stakeholders
Consider these tips on metrics and maintenance of balance for organizations and stakeholders, when it comes to constructing meaningful metric systems between an organization and its stakeholders.
When it comes to business planning, one of the difficulties of constructing meaningful metric systems is that there are many important attributes of the organization and many interested stakeholders. A stakeholder is anyone who has an interest in what a business does or an influence upon the business. There interest and concerns have to be considered while preparing a business plan, it is a priority.
Implementing a Business Strategy
It is important to have a business strategy. Begin by deciding what information must go to whom, this is an exercise in balance. The needs of the stakeholder and organization are being balanced and considered. Each stakeholder has concerns that it expects to be met by the business or organization. The needs of the stakeholders should be considered because their needs and expectations can help or hinder the operations of the business. Communicating clear company standards and operational intentions will help balance the needs of the stakeholders. This may avoid conflict.
In addition to balancing stakeholder needs, there is the issue of different needs and desires of others in the organization. Determine what their needs are as well. This leads to organizational design. In deciding the balance, you must consider how much attention the system has to devote to this accountability, as opposed to how the process is working and how successful the overall system is at the time. Remember when making this choice that the goal of change is to increase performance. Build a system that supports performance.
Including these strategies on metrics and maintenance of balance, will implement change within an organization and with its stakeholders.