In one of my previous posts, I talked about why execution is more important than just being happy about a novel idea/concept. Let me take this idea forward and talk about something which is equally important, monitoring and measuring! Firstly, what’s the difference between monitoring and measuring?
Monitoring – Monitoring has to do more with continuous and live observation of the consequences arising out of your actions. Its purpose is to ensure that strategies are executed as per the plan of action. Take this for instance – For a restaurant owner, monitoring starts with questions like,
- are the dishes being prepared as per the set standards?
- is the restaurant kept clean and tidy?
- are the waiters treating the customers with utmost courtesy?
- what is the customer’s feedback when he leaves the restaurant?
Measurement – Measurement presents a broader picture of the whole execution of a strategy. It takes in to account metrics over a period of time to understand trends, whether the strategy is working, critical analysis, competitor mapping, etc. Take this for instance – For the same restaurant owner we talked about above, measurement starts with questions like,
- which of his dishes are preferred the most by the customers?
- in which hours of the day customers visit his restaurant the most?
- how is the restaurant performing vis-a-vis a restaurant in the next lane?
Both, measurement and monitoring are more like a feedback on the strategies that you have executed. At startups, many a times we engross ourselves so much in executing things that we forget to monitor and measure the performance of our actions. This is very dangerous? It’s like solving rubik’s cube with eyes closed. You might succeed but what’s the probability. So, always remember to take out some time to ensure continuous and effective monitoring & measurement of your actions.