Change is inevitable, and whether you loathe it, fear it or embrace it, it is always coming.
Whether it’s a change in staff or adopting new technology, change always has a significant impact on the bottom line of a business.
When we introduce change into a business with the goal of it having a positive impact, we often do so without an accurate idea of what that impact might look like.
How do you know the change you have made was successful?
How are you measuring that success?
More importantly, are you using the right metrics to measure it?
Timing, industry, team and individual problems all create a significant influence on what success looks like.
It is important to understand the current state of your business to ensure there is a “before” benchmark to ensure an accurate “after” measurement.
There are three data point categories that can help measure the impact of change:
Time
Time holds insights just waiting to be discovered.
Identifying where time is spent, how tasks are completed and the areas that consume the most attention from your team paint a greater picture than conventional reporting can.
Inefficient processes, lack of tools or out of balance staff ratios can eat up more time than you realise leaving you feeling understaffed while keeping your team away from productive tasks and client care.
Understanding how time is truly spent provides the opportunity to prioritise where change needs to be implemented first.
Where are the most inefficient processes?
What consumes the most of my team’s time?
How are tools helping or hindering my team?
How many hours could be reclaimed for productive activities?
Cost
Your business hours are valuable to you and your team. You should have a clear understanding of where those funds are being spent. According to research from IDC, inefficiencies can cost a business between 20-30 per cent of their annual revenue.
When you have a clear understanding of where time is being spent, you can calculate the cost it incurs. Attributing dollar amounts against time spent on tasks will allow you to uncover the true impact on your business.
What are the labour costs spent on inefficient processes?
How much does it cost to have my team focused on tasks not conducive to their job role?
What is the return on investment?
Where can change improve revenue-making opportunities?
Experience
Your team is your most valuable asset.
Yet, often we overlook them as a source of information and don’t realise the impact a negative experience can have on how they view their roles.
When considering change, also consider how it affects them, their experience and the impact it has on team culture.
How do my team currently feel about their role?
How does their experience differ after change is made?
What change do they think would help them the most?
How can I best engage my team to understand their concerns?
Understanding where time is being spent, how much inefficiencies can cost your business and the impact it has on your team’s experience in the workplace is the best way to set yourself up for success and measure it by the right metrics for your situation.
