Communicating Effectively with your Management Team & Board
With continuous improvement and expanding technology in manufacturing, more and more data becomes available to help us analyze performance. Does your organization effectively communicate that information to your management team and Board? It is important to provide information beyond just the financial results. Beginning with a few simple key performance indicators (KPIs) important to your organization, they will help you to create a simple story to share. For example, profitability, process or supply chain efficiency, or quality metrics are common and beneficial areas to start. However, rather than providing just the metric ratio or numbers related to these KPIs, turn the information in to a story. Create easy-to-read visuals and include the information that is required to show your narrative. Think like an author, not an accountant!
The KPIs mentioned above may change over time as you improve processes and shift goals. It is much easier to help others feel invested in the organization if they have a clear understanding of the goals in place for the organization. This not only includes management and the Board, but employees also. Employees will feel more inclined to improve results if they have a goal to work towards and can see the results. Tracking information and effectively using it to provide timely updates to management, the Board and employees is key to the improvement of the organization and its processes.
Please give us a call if you’d like to talk through your potential KPIs and how to communicate those KPIs with your employees, management team or Board.
If you would like additional information or to discuss the topics mentioned, please contact Marie Jett, CPA at 317-260-4472 or firstname.lastname@example.org.