The CEO’s Compass has four strategic steps for monitoring and measuring the tactical business activities for staying ‘On-Course’. The business model serves as an on-going continuous improvement process. The check points / steps are specifically designed for redefining and refining the business activities.
Steps for Attaining and Sustaining Success:
Step I: (Due North) Finalizing the Business Activities
Developing a comprehensive business plan / contingency plan, clarifying the vision and mission statements, establishing the strategic plan (long-term) and the tactical activities (short-term)
Step II: (Due East) Monitoring the business Activities
Defining and refining all the critical business activities and the costs that impact the success of the business plan. To achieve profitability, it is important to develop a method for calculating a return-on-investment as well as the unexpected costs arising from worst case scenarios.
Step III: (Due South) Measuring the Business Activities
Designing and implementing a performance tracking system to measure results. The system monitors and measures all the business activities and gathers data on performance, productivity and profitability.
Step IV: (Due West) Changing the Business Activities
Reviewing and implementing the data gathered (results / information) the business owner can make timely and cost-effective changes to the business plan. Most changes will be made in the areas of staffing, procedures, processes, materials, and technology as well as.
DEFINE AND REFINE
The model is simple. It is designed so the business owner can capitalize on the data gathered and maximize the potential of his people, products /services, customers and company. But, like all systems, it is not the system that fails; it is the individual who fails to use the system. Therefore, real success does lie in the slogan Discipline or Disaster: It’s Your Choice!
Nick Callazzo has more than 30 years of experience consulting to banks, insurance companies and financial institutions as well as coaching executives to help them improve their personal and professional performance. In 1985, Mr. Callazzo founded Resource Specialists, a consulting group that focuses primarily on helping companies identify behaviors that impeded either organizational or personal success. A former U.S. Marine, Mr. Callazzo is currently working with FastTrac’s Entrepreneurial program for veterans in order to help them improve their business acumen and, possibly, their profit margins.