6 Steps to transform your organisation's performance

MUMBAI, India - Oct. 21, 2020 - PRLog -- SME industry supports 40% of India's Manufacturing & contribute to 30.5% services has been no exception to the impact of pandemic. Working with many SMEs one thing which strikes is SMEs are good at what they do, but without a plan for the future and a strong monitoring system, they often end up fire-fighting with little time spent on strategic thinking. We have been inculcating in our clients to follow these steps religiously for best results:

1 - Awareness
Know where you stand currently. By this I mean things like time taken to collect customer dues, time taken to complete projects, product-wise profitability, working capital cycle etc.

2 – Assessment
Assess whether the current state is closer to the desired state or far from it which would help to lay down the priorities for actions.

3 – Introspection through Analysis
Analyse the issues in detail and localize the problem area. For e.g. in case the sales are dipping, an organisation can spot a problem by deep analysis of its sales funnel. Data visualization (http://www.bicxo.in/) is a great way to analyse and gain rapid insights

4 – Setting Key Performance Indicators (KPIs)
The new vision should be transformational & one without limitations. Again, any vision setting cannot be a simple exercise of setting wishlist's. A truly powerful vision would be one which is accompanied by detailed KPIs at every level. E.g. for sales goals the KPIs would be no. of inquiries, customer retention rates etc. The KPIs act as the building block towards the ultimate vision.

5 – Setting an incremental action plan
Actions have to be decisive with deadlines. Actions have to be incremental and not unrealistic to achieve. This is important to understand, else demotivation can set in very soon in the journey and can be, put paid to all the hard work done till this stage.

6 – Measure your KPIs (http://bicxo.in/demo-enquiry/)
"What gets measured gets improved" - these famous words from the legendary Peter Drucker told 40 years ago holds true more than ever. The needle of the KPIs should start moving in the positive direction once incremental actions begin and start progressing. When the KPIs do not move in the right direction or to the desired extent, it gives an opportunity to correct the course.

As I said earlier, the key to a successful transformation journey is the discipline in following the steps outlined. The road to success may be rough but with great vision and perseverance these tools would surely result in transformation.