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Leadership Tip of the Day for Busy Managers: Lagging and Leading Indicators
A few years ago, the idea of business measurements was a novel idea. Today, organizations appear to have a never-ending list of metrics, but still have trouble selecting the critical few to make better decisions, and better run their businesses. If you don’t select your business metrics wisely, then measurement can become a huge waste of time. This week at Wily Manager we talk about Lagging and Leading Indicators, and how you can use them to improve your business.
Monday's Tip (Lagging And Leading Indicators): You need to measure something. Measurement is not only for production environments. Service businesses need to measure their outcomes and processes also.
Tuesday's Tip (Lagging And Leading Indicators): Have a mixture of Lagging and Leading Indicators. No one measure is perfect, and you need a combination of result (lagging) indicators, and activity (often leading) indicators.
Wednesday's Tip (Lagging And Leading Indicators): Measure outcomes and critical activities. Don’t be discouraged from measuring activities. If you know that an activity is a critical enabler of a longer term outcome, you should be measuring how successfully you executing that activity.
Thursday's Tip (Lagging And Leading Indicators): Change your indicators as time passes. Your business will change over the years, and your understanding of specific metrics will change too. Don’t hesitate to change your business metrics accordingly.
Friday's Tip (Lagging And Leading Indicators): Don’t let your indicators take on a life of their own. If you spend more time measuring your business, than executing your business, then your measurement process has become useless. Sometimes, you might not be able to get perfect data for something you want to measure.
3 Things to remember about Lagging And Leading Indicators:
1. Don’t spend more time measuring than doing. If your measurement system takes too much time or is too onerous, its value diminishes quickly.
2. Don’t get hung-up on labeling an indicator “leading” or “lagging”. Some indicators will be both lagging and leading indicators, and some may fall into each category for various purposes. Don’t agonize over the label.
3. You need some leading indicators. You probably already have a number of lagging indicators. However, past performance is not always an indicator of future results, so you need to give some thought to what your leading indicators are.
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