In this episode of the IT Experts Podcast, I will be helping you better assess your business performance for 2020 (what a year!), as well as share with you an effective, tried, and tested guide on how you plan out for success for 2021.
Most IT and MSP business owners find the topic of business performance less than exciting, BUT, if you want to take your business to YOUR next level, you need to take this bull by the horns and you’ll soon realise the power of this exercise and how important and interesting this can be.
We run this exercise in our IT Experts Mastermind and I encourage members to do the same every 3 months. It really makes you think about what has happened and also get ready for the next period.
Today, we will dissect your business according to three metrics, the 3 Ps: Business Performance, Business Process, and People Planning.
Business Performance – you need to know your KPIs (Key Performance Indicators), KRAs (Key Results Areas), and see how your business is doing.
In this area, we cover 8 easy steps, which are:
Step 1: List Down Your Biggest Successes in the Last 3 Months
Step 2: What Did You Learn in the Past 3 Months?
Step 3: What are Your Biggest Internal Strengths?
Step 4: What are Your Biggest Internal Weaknesses?
Step 5: What are Your Biggest External Opportunities?
Step 6: List Down Your External Threats
Step 7: What are Your Priorities for the Next 3 Months?
Step 8: Assign Accountabilities.
Next, you need to review your processes. You need a tangible and measurable way of doing things in your organisation. To better understand and see whether you have your processes in place, you need to think of the following:
Step 1: Are they documented? If you weren’t there, would people have a reference guide on what to do?
Step 2: Who owns each process? You will have to delegate these processes.
Step 3: How do you know it works? How are you reporting on your processes?
Step 4: How does your escalation process looks like? What do you do when things go wrong?
Step 5: Review Process Regularly
Lastly, you need to look at your people’s performance. Is your people adding value to your business? In this section, let’s take a look at these steps:
Step 1: Align your objectives and targets to your KPIs.
Step 2: Departmental objectives. Set a target for each department.
Step 3: Review your leadership team’s performance.
Step 4: Measure your team’s performance, i.e.. appraisal system.
Step 5: Peer Review. When you’re doing your appraisal schemes, involve the team, and the other departments.
I hope you start implementing these steps and you’ll find how these can help you improve your overall business performance.
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Alternatively, you can drop me an email at Ian@innovatetosuccess.com
Till next time, you look after yourself and I’ll catch up with you soon!