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What is the Difference between Key Performance Indicators (KPIs) and Critical Success Factors (CSFs)?
Anyone who works in business would be forgiven for feeling like they had acronym fatigue. The business world is full of them! Two common acronyms you probably hear a lot about are KPIs (key performance indicators) and CSFs (critical success factors). Often, they’re used interchangeably – although, as we’ll see in this article, the two are not the same thing. The difference in a nutshell The difference between KPIs and CSFs is the difference between cause and effect: CSFs are the cause of success, i.e. they set out what you need to do to be successful. These are often quite [...]
What are the Balanced Scorecard Features
What’s the best way to align your entire organization behind a very focused strategy? Create a Balanced Scorecard (BSC), one of the most popular management tools ever introduced. It can also be one of the most productive tools if it’s understood and used properly by management teams. I help government agencies and companies of all sizes in all types of industries develop Balanced Scorecards. I have most likely developed more scorecards for more companies across more industries than anyone over the years and I have found that it’s important to know the key features of a Balanced Scorecard to be [...]
10 Ways To Prepare For A Post-Coronavirus Recession
Although there’s much uncertainty in our world currently courtesy of the major disruption to our lives from the coronavirus pandemic, there are things you can do to prepare yourself and your company for a post-coronavirus recession. While the unknowns surrounding the economic impact of the virus are immense, there are measures every company can take now to prepare to thrive in a post-coronavirus world. 1. Get a Grip on Financial Numbers In order for your organisation to act appropriately and neither overreact or underreact, it’s important to have performance monitoring systems to understand your current financial health and cash flow. [...]
The 4 Best Financial KPIs Every Company Should Be Measuring
Tracking key performance indicators (KPIs) will tell you if your business is on track for success, or veering off course and in need of correction. But when it comes to your financial performance, what metrics should you monitor? Here are the four financial metrics every company should keep a close eye on. Revenue/Sales. How much money are you generating? This is often called the "top line" because it's at the top of your financial statements. With this KPI, I recommend tracking monthly sales, as well as examining your revenue growth rates. It's useful to break overall revenue down by product [...]
How Do You Write an Amazing Mission Statement
Have you ever read a company’s mission statement and immediately dismissed it as corporate claptrap? I know I have. In my experience, mission statements are either totally boring and generic or ridiculously grandiose and self-congratulatory. In fact, they’re usually so meaningless that most people couldn’t even tell you the mission of their own company. But just because they’re often awful, doesn’t mean we should ditch mission statements altogether. A strong mission statement is a fantastic opportunity to show people (both inside and outside the business) what purpose the company serves. We just need to get better at writing mission statements [...]
How Do You Write an Amazing Vision Statement? What to Do and What to Avoid
Company vision statements can be a horror show, can’t they? From the mind-numbingly generic to the ludicrously unrealistic, vision statements are more often cringe-worthy than inspiring. But that doesn’t mean we should give up on vision statements. Far from it. Done well, the vision statement sets an important tone for the business, and acts as a signpost for where the company wants to go. And when you strip away the corporate lingo and wordsmithing, company visions can be surprisingly simple. Unconvinced? Read on to find out how you can prepare a meaningful and inspiring vision statement for your company. What [...]
What Is A Leading Indicator? What Are The Best Examples?
To effectively monitor and measure a company’s performance, there should be a mix of leading and lagging indicators. Most companies are able to easily define the desired results (lagging indicators) they wish to achieve, but often struggle to define leading indicators. Here we define a leading indicator and give examples of some good ones. Every company needs to measure performance to not only understand current reality but determine how to improve in the future. Many find it easy to identify and monitor lagging indicators—those that measure results or outcomes such as revenue or profit. Defining the predictive measurement of leading [...]
What is the Difference between a Mission Statement and a Vision Statement?
How would you describe the average company’s mission and vision statements? Generic, meaningless and confused are the first words that come to my mind. In my experience, mission and vision statements are often a hot mess of goals, values, aspirations, philosophies, strategies and descriptions – so it’s no wonder people often get the two confused. From the boring to the bizarre At one end of the spectrum you have tired corporate-speak that ultimately says nothing of substance about the business. I’m looking at you Volvo, with your mission to “drive prosperity through transport solutions”. Although, to be fair, that is [...]
The Amazing Ways How Mastercard Uses Artificial Intelligence To Stop Fraud And Reduce False Declines
Having a card transaction declined at the checkout can be a frustrating and embarrassing occurrence. So much so that it can seriously damage brand loyalty – according to research by Mastercard, a third of us have withdrawn our custom from a retailer due to our cards being refused. Often this is due to the transaction being incorrectly flagged as fraudulent in some way – the algorithms which make the call on whether a payment is valid have erred on the side of caution, and sometimes they get it wrong. Aside from the inconvenience it causes us, the cost to businesses [...]
5 Important Artificial Intelligence Predictions (For 2019) Everyone Should Read
5 Important Artificial Intelligence Predictions (For 2019) Everyone Should Read Artificial Intelligence – specifically machine learning and deep learning – was everywhere in 2018 and don’t expect the hype to die down over the next 12 months. The hype will die eventually of course, and AI will become another consistent thread in the tapestry of our lives, just like the internet, electricity, and combustion did in days of yore. But for at least the next year, and probably longer, expect astonishing breakthroughs as well as continued excitement and hyperbole from commentators. This is because expectations of the changes [...]