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    Alternative Strategies for Hesitant Entrepreneurs
    The ability to succeed as an entrepreneur is one of the most rewarding experiences any person can enjoy. Seeing your product on a store shelf is an amazing rush. Knowing that your service is benefiting the public is incredibly rewarding. Beyond the obvious monetary rewards, the knowledge that you have achieved a l
    ave gone in achieving the improvement objectives. It is no wonder that measurement forms an integral part of improvement methods as diverse as TQM, TPM, Lean, Six Sigma, Theory of Constraints and the 2000 Percent Soution.

    Reason 5: Helps in Managing Individual Performance

    At the individual job level, contributions to overall business objectives are impossible to ascertain without measurements. A proper measureme

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    Most of us would agree that a business organisation, or any other kind of organisation can only be properly managed if the information with which to make decisions is readily available. Below are some more specific reasons for setting up a measurement system at the organisational, process and job levels.

    Reason 1: Provides Information for Reporting Performance

    At the very minimum, a measurement system is needed to provide information for reporting performance to meet statutory requirements.

    Reason 2: Guides the Implementation of Strategy

    Strategy implementation generally involves resource allocation decisions for the purpose of meeting organisational objectives in the context of market conditions, competitive action and environmental trends. If there is no measuring system in place to monitor market conditions, competitive action or environmental trends, then wrong resource allocation decisions are likely to be made.

    Reason 3: Helps to Shape the Direction of Strategy

    The strategies a business decides to pursue are not (or should not be) static. The decision to alter strategic direction must have as its basis measurements of trends, the market, and competition. The patterns that warrant a shift in strategic direction cannot be discerned where no deliberate measurement system is in place.

    Reason 4: Forms the Foundation for All Improvement Efforts

    No meaningful improvement effort can be undertaken without measurement. Whether we are concerned with improving costs, quality, profitability, timeliness, customer satisfaction, innovation etc, measurements tell us our current state, helps determine the areas of focus and lets us know how far we have gone in achieving the improvement objectives. It is no wonder that measurement forms an integral part of improvement methods as diverse as TQM, TPM, Lean, Six Sigma, Theory of Constraints and the 2000 Percent Soution.

    Reason 5: Helps in Managing Individual Performance

    At the individual job level, contributions to overall business objectives are impossible to ascertain without measurements. A proper measuremen

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    to provide information for reporting performance to meet statutory requirements.

    Reason 2: Guides the Implementation of Strategy

    Strategy implementation generally involves resource allocation decisions for the purpose of meeting organisational objectives in the context of market conditions, competitive action and environmental trends. If there is no measuring system in place to monitor market conditions, competitive action or environmental trends, then wrong resource allocation decisions are likely to be made.

    Reason 3: Helps to Shape the Direction of Strategy

    The strategies a business decides to pursue are not (or should not be) static. The decision to alter strategic direction must have as its basis measurements of trends, the market, and competition. The patterns that warrant a shift in strategic direction cannot be discerned where no deliberate measurement system is in place.

    Reason 4: Forms the Foundation for All Improvement Efforts

    No meaningful improvement effort can be undertaken without measurement. Whether we are concerned with improving costs, quality, profitability, timeliness, customer satisfaction, innovation etc, measurements tell us our current state, helps determine the areas of focus and lets us know how far we have gone in achieving the improvement objectives. It is no wonder that measurement forms an integral part of improvement methods as diverse as TQM, TPM, Lean, Six Sigma, Theory of Constraints and the 2000 Percent Soution.

    Reason 5: Helps in Managing Individual Performance

    At the individual job level, contributions to overall business objectives are impossible to ascertain without measurements. A proper measureme

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    ive action or environmental trends, then wrong resource allocation decisions are likely to be made.

    Reason 3: Helps to Shape the Direction of Strategy

    The strategies a business decides to pursue are not (or should not be) static. The decision to alter strategic direction must have as its basis measurements of trends, the market, and competition. The patterns that warrant a shift in strategic direction cannot be discerned where no deliberate measurement system is in place.

    Reason 4: Forms the Foundation for All Improvement Efforts

    No meaningful improvement effort can be undertaken without measurement. Whether we are concerned with improving costs, quality, profitability, timeliness, customer satisfaction, innovation etc, measurements tell us our current state, helps determine the areas of focus and lets us know how far we have gone in achieving the improvement objectives. It is no wonder that measurement forms an integral part of improvement methods as diverse as TQM, TPM, Lean, Six Sigma, Theory of Constraints and the 2000 Percent Soution.

    Reason 5: Helps in Managing Individual Performance

    At the individual job level, contributions to overall business objectives are impossible to ascertain without measurements. A proper measureme

    Difference Between Journal and Ledger
    Journal1. Is the book of prime entry.2. As soon as transaction originates it is recorded in journal3. Transactions are recorded in order of occurrence i.e. strictly in order of dates.4. Narration (brief description) is written for each entry.5. Ledger folio is wr
    scerned where no deliberate measurement system is in place.

    Reason 4: Forms the Foundation for All Improvement Efforts

    No meaningful improvement effort can be undertaken without measurement. Whether we are concerned with improving costs, quality, profitability, timeliness, customer satisfaction, innovation etc, measurements tell us our current state, helps determine the areas of focus and lets us know how far we have gone in achieving the improvement objectives. It is no wonder that measurement forms an integral part of improvement methods as diverse as TQM, TPM, Lean, Six Sigma, Theory of Constraints and the 2000 Percent Soution.

    Reason 5: Helps in Managing Individual Performance

    At the individual job level, contributions to overall business objectives are impossible to ascertain without measurements. A proper measureme

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    ave gone in achieving the improvement objectives. It is no wonder that measurement forms an integral part of improvement methods as diverse as TQM, TPM, Lean, Six Sigma, Theory of Constraints and the 2000 Percent Soution.

    Reason 5: Helps in Managing Individual Performance

    At the individual job level, contributions to overall business objectives are impossible to ascertain without measurements. A proper measurement system ensures that employees percieve a clear line-of-sight between their performance on the one hand, and the rewards they enjoy in the organisation.

    Conclusion

    To properly manage your business, you need a system of measures to help you focus on the critical issues. This system must provide up-to-date information at the job, process and organisational levels.

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