Develop and Learn
The leaders of the organisation have a responsibility to ensure that it is well governed and accountable, while constantly seeking to learn and self-improve. It does this through:
- Establishing a governance framework that enables the business to be overseen from a fiduciary, leadership, culture congruence and regulatory compliance perspective
- Developing collaboratively an annual budget and performance tracking process
- Creating and using Management Information to monitor the ongoing performance of the business and to compare progress against the budget with a view to early detection of areas of deviation from the expected and opportunities for course correction or acceleration
- Developing a framework of Group, Function, Business Unit, Product, and Service Key Performance Indicators (KPIs) that assist in tracking the few critical metrics that provide both lead and lag indicators of healthy business performance
- Reflecting and Re-Planning, drawing on the learnings from the previous period, and any changes in the strategic Vision and in the market, to develop the targets for the coming period. These need to form a constant source of inspiration and reflective learning and improvement.