Posts Tagged ‘marketing strategy’

What’s Your Performance Strategy?

Wednesday, August 1st, 2012

Does your business have a strategic plan? Does it have a sales and marketing strategy? How about a product development strategy? A financial plan or strategy? Does it have a performance strategy?

If your answers to these questions were “Yes,” “Yes,” “Yes,” “Yes” and “What?” then you own, manage or work for the typical company. Most don’t even know what a “performance strategy” is.

So, what is a performance strategy? It’s a strategy to get the best performance out of the people working in the company. Study after study has shown that more than three-quarters of workers in America do not perform at the best. Most only do enough to get by. And many, who are more than capable of performing much better, don’t perform anywhere near average.

Most companies that say they have a performance strategy only really have an annual performance review process, and perhaps some type of program that links compensation to results (and not necessarily to performance). That is far from a performance strategy, and even further from a Performance Management Program (PMP).

A PMP helps individuals perform better by ensuring they have what they need to do so, including appropriate feedback, clear expectations, resources, training, a sense of what matters to them, appropriate goals, and much more. A PMP helps managers bring out the best in their employees. A PMP helps groups perform better as teams. A PMP helps the entire company perform better.

I’ve read that as many at 80% of strategic plans that companies spend large sums of money creating never get implemented. Could it be because the employees are not performing well enough to implement it?

If your company doesn’t have a performance strategy, then how can it expect to meet the goals and objectives outlined in the strategic plan, the sales and marketing strategy, the product strategy, and/or the financial plan/strategy? Isn’t it the people in the business that have to carry out these other things?

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