The Tribune

By Ian Ferguson

It is very difficult to sympathise with a struggling business, which despite warnings and encouragements to plan and prepare for greater success, refused each year to make simple investments in products, services, or their human capital for better outcomes. Far too many of us are prepared to do as we have always done, expecting different results. The unfortunate reality is that because our world and industry has shifted, if you remain constant, your business will go into decline and eventually become extinct. As the financial year ends, every highly successful company, irrespective of size, should be working through year-end evaluations and strategising with clearly written goals, objectives and a documented business plan.

One has to wonder why, as a corporate community, we have committed to doing business as usual and subsequently resorted to old practices and failed procedures, yielding little to no results. It still amazes me that businesses - small, medium and large - seem comfortable blaming the Government and other external bodies for their lack of preparation, business acumen and savvy. The Chamber Voice sounds the clarion call to businesses. Here’s what you can do differently this year: Hold yourselves, your team members and your company accountable to high standards with the use of Performance Management Systems (PMS).

Before I lose you and you begin thinking that this is some aloof, ‘highfalooting’ term that is merely designed to confuse the average business person, allow me to settle your mind by convincing you that a simple PMS can save and will grow your business in 2013.

Performance management systems, simply put, are any activities and processes you implement that ensure goals are consistently being met in an effective and efficient manner. Performance management can focus on the performance of an organisation, a department, employee, or even the processes to build a product or service.

From the definition given, the first order of business for the organisation dedicated to shifting the paradigm is to clearly define goals. I hear you: ‘But I’ve already done that’. Listen, if the goal is simply to make more money - or to get more customers - or even to expand the business, the voice of experience and the research says that your chances of any of these goals coming to fruition is NIL-ZERO-ZILCH-NADA-WON’T HAPPEN!!! These goal sounds as vague as the declaration of a lady who lives on a diet saying: ‘I’m gonna lose this weight’. If the goals lack the depth they need, with progress indicators, clear definitive terms, a timeframe and answering the who, what, when, how, why, where, how much and every other question that arises, then chances are it will NOT become reality.

Fortune 100 companies indicated that their leadership teams spent more than 40 hours together at the close of the fiscal year defining and redefining their goals and objectives as a company, and many more hours in individual departments and offices to experience the unprecedented success they have achieved. If there is no commitment to taking the time to plan, then your business will continue to suffer in the rat race of mediocrity, inefficiency and low bottom line results.

Parts 2 and 3 in this Performance Management Series: Doing it Differently in 2013, will focus your attention on evaluating your staff, including management, and the organisational structure as a whole. If you are serious about business this coming year and need the assistance of expert consultancy support, contact the Chamber Institute for three hours of Customised Strategic Business Planning, Goal Setting and Organisational Restructuring. Aqeela Romer at 322.2145 or aqeela@thebahamaschamber.com will schedule your time. Please DO NOT go into 2013 ill-prepared!

NB: Ian R. Ferguson was educated locally, regionally and internationally, having earned a Master’s Degree in Education from the University of Miami. During the course of his nearly 20 years in education, talent management and human resources, he has served both the public and private sector in senior management roles. He currently serves as manager of the Chamber Institute, and as a local consultant in the field, having assisted hundreds of local and regional businesses in improving business and service excellence through their human capital.