Directors/trustees are responsible for making sure the organisation's strategies are successfully implemented. Areas of performance where monitoring is most critical are:
Essentials for monitoring performance include:
Good information from management: Directors/trustees are responsible for ensuring that the information they get from management is up-to-date, accurate and received in time to make appropriate decisions.
Information on trends: The board should make sure it has information that gives a picture of trends rather than just daily business. This allows directors/trustees to foresee risks and opportunities.
Key performance indicators (KPI): The indicators reflect the targets set in the strategic plan. Areas where key performance indicators are often set are:
- Product sales
- Staff turnover
- Customer satisfaction