Financial Performance And Behavior Change
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This document discusses linking financial performance to behavior change by outlining a four step process: 1) Define goals, outcomes, and key behaviors to change; 2) Identify metrics to measure success and link behaviors to outcomes; 3) Drive positive behavior change by ensuring understanding of goals, ability to perform, and willingness to perform; 4) Monitor operational, impact, and business level results to assess progress. The process emphasizes that behavior change underlies business results and requires addressing ability, willingness, and engagement to overcome resistance to change.
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Financial Performance And Behavior Change
- 1. Linking Financial Performance And Behavior Change August 2009
- 2. Change-based Outcome Planning What do you need to get done in next 12-18 months? Who do you need to mobilize to achieve your goals/objectives? What do they need to do differently in order to drive results? What are the key performance/productivity metrics?
- 3. Goals & Outcomes Strategic-Level Business Results Improve Revenues Reduce Expenses Maximize Shareholder Equity How will your unit/division support the mission? Channel Performance…? Employee Productivity…? Consumer Purchases…?
- 4. Maximizing Your Results Define your “team” Who is in the best position possible to contribute to your desired outcomes? Identify critical behaviors What needs to change? Do more of…? Do less of…? Adopt new behavior(s)…?
- 5. Maximizing Your Results What are critical success measures Quantitative Metrics Individual or Team-based Performance Periodic or Real-Time Milestones on Road to Success Confirm linkage between individual behaviors & critical success measures
- 6. Driving Positive Behavior Change Four Critical Elements of Any Change Initiative: Align understanding of the mission Ability of audience to perform Willingness of audience to perform Measuring the progress toward outcome
- 7. Alignment How well does your “team” understand the mission? Are they aware of their individual role in the attainment of desired goal/objective? Is there consistency, synergy between what they do and what you need done? Are you sure of the answers to above?
- 8. Ability & Willingness Interconnected and equally important Ability = possessing knowledge, skills, competencies, other abilities to perform Willing = emotionally engaged to deliver the desired results One w/o the other will sacrifice results
- 9. Measurement Dashboard key metrics Maintain sightline to goal, waypoints Frequent, consistent assessment Reflect business outcomes, audience (impact) results, operational (initiative) measures Careful to avoid myopia
- 10. Implementation Tactical delivery plan Incorporate timelines for test / rollout, production, reporting, assessment, amend/append Define budgets for all core elements, including timing of expenses and projected return Secure executive buy-in, visibility, advocacy prior to implementation
- 11. Assessment Planning calendar for periodic reviews Define, update potential changes, enhancements Schedule executive briefings Identify ownership of each element in the initiative Be prepared to make adjustments
- 12. Outcomes Monitor three levels of results: 1. Operational – metrics relative to launch and deployment of tactical aspects 2. Impact – measures that indicate behavior change and engagement of your target group(s) 3. Business – performance against targeted financial or other key outcomes
- 13. Fundamental to this Process All business results start/end with behavior change Behavior change occurs when individuals are engaged, knowledgeable and emotionally committed to delivering Human nature = resistance to change Breaking barriers to change require all four elements in place, maximized
- 14. To Learn More Contact: Rick S. Pulito VP, Sales BI Minneapolis, MN 952-835-4800 [email_address] Visit: http://www.biworldwide.com