Some organizations do well at nearly every task. Almost all of their initiatives succeed, and even when something fails, it has only a temporary impact. These High-Performing Organizations (HPOs) seem to understand the market earlier and more thoroughly than other businesses, retain the best staff and have less trouble responding to external pressures. A recent study on what high-performing organizations do that is different from their competitors, and the qualities they have in common focused on the following five characteristics of HPOs from the perspective of Corporate Performance Management (CPM):
(1) They set ambitious targets, consistently and continuously achieve those objectives.
(2) They display a strong sense of purpose through shared values both inside (among employees) and outside the organisation (among customers, suppliers, and other stakeholders).
(3) They have a strategic focus and alignment so that employees know how they are contributing to the results of the organisation.
(4) They have the ability to adapt to changing circumstances quickly.
(5) They have a common and shared business model throughout the organisation.
Every organisation has values and stakeholders. Most of the organizations already have a mission statement – addressing the stakeholders – although it may not be well-integrated into the day-to-day business. Some companies can boost performance by just unearthing their old mission statement and linking their values with their Corporate Performance Management (CPM). However, an organisation that wants to become a high-performer should take a methodical approach to performance management. It should start by creating a gap analysis that identifies the areas in its reporting, business cases, dashboards, and scorecards that closely correlate to the organisation’s different stakeholder group – and identifies where these correlations are missing. The company then should determine what its internal values are, as well as the values of its customers. If it discovers misalignment between the two, it should focus on fixing the problem before moving on.
Companies that want to become high-performing should determine which agility strategy fits them best and assess how their management cycles reflect the characteristics of that agility model. In addition, they must evaluate their current plans for new products, reorganizations, IT systems, and project requirements to see whether they are adaptable to change. Making systems and processes agile may not always be the cheapest option, but the effort will pay for itself many times over in the future.
A prospective HPO also needs to clean up its organisation. It must eliminate siloed processes and systems, and replace them with shared systems. Managers could start by harmonizing reporting systems, cleaning up and consolidating datamarts, and purging masses of spreadsheets. They could also begin by instituting planning systems that cross multiple business domains, or by introducing a scorecard with performance indicators on which other reporting systems can focus. An aggressive one-version-of-the-truth initiative is crucial to becoming high-performer, as well. This should result in a data warehouse with a high-quality data set, including the business’s metadata and standardized tables for key business entities such as suppliers, customers, products and materials.
When a company has accomplished each of these steps, it will have the correct context in which to make decisions to move forward. Yet organizations must remember that execution is not a single step. It is a continuous process that never stops. The journey toward becoming a high-performer organisation is never-ending, and it’s full of pitfalls and detours. Still, every step along the way is worthwhile because it improves the company in some manner. For the HPO, the journey is the destination.
Culled from Frank Buytendikj write-up on Business Performance Management at businessfinancemag.com
THREE CHARACTERISTICS OF HIGH PERFORMING TEAMS
When it comes to the best teams in the world, whether on the football field or in the corporate arena, they all possess similar characteristics that make them special and different than just the average or good teams that rarely make that jump to greatness.
Here are three characteristics that all high-performing teams instill within their organizations and never lose sight of:
(1) High-performing teams are unselfish
You will never find a championship-caliber team at any level that does not model unselfishness in everything that its members do. Though the star back wants to break all the records and the employee wants to earn the big promotions, they put the team first in everything that they do. They fully understand that when the team is better, they will grow and become better as individuals.
Amazing things begin to happen when you have a group of unselfish people that all come together for the betterment of the team. But a team that is completely unselfish is very rare these days because of the individualistic world that we live in. It’s all about glitz, glamour, status and money for most. However, the thriving teams that year after year continually dominate know that those things will eventually come to them if they perform better as a team.
(2) High-performing teams operate like a strong family
Mike Krzyzewski, one of the greatest basketball coaches of all time, once said, “When your organisation operates like a strong family, you cannot be knocked out by one punch”.
Walk down the halls of a sports franchise such as the New England Patriots and companies such as Apple and it would not take you long to figure out that they operate out of love in all they do. These institutions truly love their employees. The employees believe in and absolutely love the organisation they work for.
Operating as a strong family and truly loving and appreciating your teammates build a healthy and thriving culture. Even if employees and teammates do not hang out much outside of the workplace, they understand that putting the team first and appreciating each other is an absolute must.
(3) High-performing teams listen
An underrated characteristic, but an absolutely crucial one when referring to building strong and powerful teams is the power of listening: Leadership willing to listen to employees within the organisation, employees having constant communication with other team members, and listening to the marketplace and current customers on where the company can grow and become better.
Being willing to listen shows that you care. One of the more powerful things that a leader can do to create an exceptional and healthy culture is to let everyone know that there is an open line of communication and he or she is willing to listen. All high-performing teams not only communicate better than most teams, but they are willing to listen more than most teams.
There are so many different qualities and characteristics that make the top teams tick, but the above three cannot be ignored when looking to build a stronger organisation and team. Just like anything worthwhile, the above characteristics are not easy and will take some time to successfully implement, but the long-term results and the culture that will be built will be well worth it.
Culled from Matt Mayberry article at https//www.entrepreneur.com