Most of the SME business heads are not consistently conducting the monthly business performance indicators status review.
Some of the beliefs which hold business head not to review consistently
1.As I am spending full time here, I know the P&L trend, and it is not required to conduct reviews with the team
2.The team does not have the time, or no people are capable of collecting and organizing all the data
3.Why should we discuss all the information along with the team?
4.Meetings are going to be time wasters as nobody is going to give solutions.
Emerging and a smart organization has the practices of setting the business and functional key performance indicators (KPI's) every year beginning and use to review the progress or status of each KPI along with the team every month before 10th of the month.
Advantages of reviewing KPI's status along with the team
1.The team is aware of the goal set and status at any point in time
2.The team becomes accountable for results as they are being questioned on the performance every month
3.Ownership and engagement improves as data is being shared and communicated to all
4.Helps the organization to improve the performance in the subsequent month. In the absence of monthly KPI reviews, response time would become less (P-D-C-A cycle)
5.When the monthly reviews become a culture, all the functions are keen on the data accuracy, timely sharing the data.In the absence of monthly routine reviews, data capturing and analysis itself a major task for the business head
Relook at your business practices and beliefs on monthly business and functional KPI's and initiate performance-based culture in your organization !!