Businesses large and small can falter if they don’t compare their true progress to the map they drew up months or years before. To state this in a slightly different way, managers lose focus if their business’s direction isn’t regularly evaluated against the organization’s vision, mission, and strategic plan.

 

It is exactly this kind of quagmire that’s avoided by using two widely known strategic performance management tools: the balanced scorecard and comparing operational performance KPIs.

Ways of Tracking Outcomes Against Intentions

Over the years, a small number of mental exercises related to strategic management have become recognized as valuable formats to evaluate planning and performance. In the hospitality industry, the balanced scorecard is one of the most popular.

 

In particular, the balanced scorecard combines multiple valuable dimensions of information in one format:

• A company’s strategic plans and goals.
• Focused core measurements of achievement.
• A mixture of combined financial and non-financial data sets.
• Incentives aligned with organizational targets.

 

KPIs (Key Performance Indicators) are simple statistics, similar in purpose to balanced scorecard but far more one-dimensional. Their strength is that they can be compared against equivalent numbers for similar properties as well as industry benchmarks. Some examples of hospitality KPIs are:

• Revenue per available room.
• Average length of stay.
• Employee turnover rate.

What This Course Will Teach You:

Divided into 30 video lectures, this 3-hour course will provide you with all the tools you need to conduct a strategic performance review. You will be shown:

• The theory behind KPIs and the balanced scorecard.
• The fundamentals of vision, mission, and strategy.
• How to use the balanced scorecard to review progress towards business goals.
• Identifying operational adjustments to promote better alignment with strategy.
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It can be all too easy to get lost in the trees of day-to-day tasks and completely forget about the wider strategic forest. Having a systematic method of analyzing both short-term operational and long-term strategic performance in your pocket will be a major boost to your overall performance as a manager.