You can have the greatest product or service in the world. You can have a brilliant business strategy. But even the most brilliant strategy, unless effectively executed, is worthless.
And all business strategies must be executed through people.
So, holding people accountable to the strategy is essential to optimizing profitability and maximizing the valuation or bankability of any company.
Holding people accountable, however, is easier said than done. You can’t just assume that paying people to do a job entitles you to expect the best out of those people.
It simply doesn't work that way.
It doesn’t take a degree in psychology to understand that people have a mind of their own. But the good news is that, for the most part, those peoples’ minds, consciously or not, seek a sense of accomplishment and purpose.
To start the process of developing an environment of accountability we have to consider that holding a person accountable to achieving a goal will be more successful if the person derives a sense of accomplishment from that goal.
And, when you follow the CPO process and add purpose to the goal, you enhance the sense of accomplishment and inspire excellence.
Of course, you must develop a means of monitoring performance. Whatever system you choose to use, you’ll want to integrate three critical components of the CPO process into your performance monitoring system:
- Consistency; not only in terms of the information to be monitored but the time intervals for monitoring as well
- Objectivity; performance is measured in quantifiable terms
- Transparency; everyone knows how everyone else is performing and how their performance impacts the rest of the team and the overall corporate goal(s)
Such a system will bring everyone together and get them on the same page.
Speaking of the same page, develop an at-a-glance view of the metrics and budgets to which you will hold your team accountable by downloading my 30 MINUTE EXECUTION Planning Worksheet. It’s FREE and you can get it by clicking below.