How to get Clearer Strategic Insights for your Company
How can board members get better insights into what the road ahead holds for your organisation? Often board reports help directors see past results, but that is history, although part of your monitoring role. Understanding what is coming next is critical for strategic oversight and setting the strategic direction for the company.
It is useful to have “lag” indicators as they reflect and measure and what has already happened. Having “lead” indicators offer a forward- looking view on what is likely to happen next. These might be such measurables as customer satisfaction, new product development or market share and growth. For not-for-profit entities it might be member satisfaction, donor engagement or membership growth.
Lag indicators are beyond the control of the board, they have happened, while lead indicators are still in your control to do something about. Any Board should have a combination of both lead and lag indicators in all board reports, and all such indicators should be regularly reviewed to ensure they are still appropriate, and you are monitoring the past and future. Make sure you have indicators for all aspects of organisational performance, past and future.
Remember if I can be of any help to your business simply email at info@tappadvisory.com.au or ring me on 0411111588 and I will be happy to assist, at no cost to you.
Warren Tapp
Tapp Advisory, Business Consulting Gold Coast.
Business Profits Made Easy.
Resources from the Tapp Advisory Store:
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Board Basics – Hard Copy – A simple introduction to the roles and responsibilities of Directors on Boards. It is a non- technical book you can use as a handy reference guide if you report to a Board, or you are appointed to one in Australia. It is a 68- page paperback.
Questions for Company Directors – Hard Copy
The book ‘Questions for Company Directors’ is a simple handbook to inform directors about the questions they need to put to management as part of their oversight role.
Directors should keep this book handy at all times – and keep asking those questions!
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Club Governance Online Training Program is for all Board and Committee Members
Does your Organisation’s Board, Committee and each of the Directors know how to do their jobs?
Now there is a solution to ensuring your Board or Committee know how to do their job and protect your Organisation!
