Week 6 - Ascend your Startup
One of the toughest parts of managing business growth is quality assurance, and this is particularly difficult for young companies. I’ve been mostly blogging about establishing, marketing and delivering a minimum viable product (MVP) for these companies – but eventually you’ll need to move on to specialized or niche products as well. The same self-monitoring rules apply to future rollouts as that for the MVP. There needs to accountability measures in place to ensure ongoing quality controls, as well as feedback mechanisms to “adjust fire” when needed.
Ascend your Startup recommends using Objectives and Key
Results (OKRs) to establish targets and milestones for ongoing operations. The principle is to create business objectives
that align with, and further, your long-term business strategy while creating
related, functional-area metrics (based on results, feedback or outputs) that
indicate success on the way toward said objective.
This parallels how I’ve been taught program management
quality assurance in the past. We didn’t
use OKRs, however. I prefer to organize
the “progress bar” into separate categories, or “lines of effort”. The success milestones on each are quantifiable
metrics in two categories: performance and effectiveness. While similar, these terms are not interchangeable
(more about that here). These correlate
well to the concepts of OKRs, with a clearer picture of successful progress
versus stagnation. Measures of
Performance, or MOPs, are usually representative of how well you (or your
organization) are executing a particular program. For example, I’d track compliance with Army
directed continuing education (CE) requirements as a measure of performance
(how well are we following our plan). A parallel
Measure of Effectiveness (MOE) would be “What percentage of medics have successfully
recertified their licensure”, since goal of the CE program is to prepare them
for recertification. On the business
side of things, we could set a MOP toward how many advertisements were presented
to potential customers, with corresponding MOEs as the volume or traffic toward
the advertised service or number of orders generated from said traffic.
If you’re at all curious about integrated the MOP/MOE
concept, a decent rundown can be found at the link below:
Understanding Measures of Performance and Measures of Effectiveness
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