Measuring Success in the COVID-19 Business Atmosphere

The COVID-19 pandemic has changed the way we operate and move through the world. The coronavirus has shifted the way we function in society, educate our children, socialize, and even how we conduct business. As companies grow and adapt to the “new normal” they are also changing the way they view productivity and measure success. Growth and performance leader Eyal Gutentag is helping managers find new ways to track performance in the new COVID-19 business atmosphere. In this article, we will explore ways that organizations can check in with their growth, even during a global pandemic.

Eyal Gutentag recommends that managers step back and reset the way they look at progress during these times. Here are a few tips for adjusting your success mindset:

1. Check in objectively: In the past, most companies focused measured success primarily by numbers. There are now many new factors to consider, it’s important to look not only at where you need to improve, but also what areas of your business are going well. Look at the big picture and check in with your goals objectively — is there anything that is going well? Find your strengths, and incorporate them into your plan of attack. Your strategies may need to shift. Different businesses have been impacted to different degrees, so each will need to recover at their own speed. Be kind to yourself, and use your check ins to focus on a positive plan of action.
2. Communicate with your team: It is essential that managers have open communication with their team and stakeholders. An important part of measuring success is taking the temperature of your staff. In trying times, you must keep your employees feeling safe and taken care of. Pay attention to engagement and perspective shifts. Assessing morale and attitude has become an important aspect of measuring success.
3. Don’t take everything at face value: Your typical KPIs and other metrics may not be an accurate representation of where you are. Right now, you may need to look further into the reasoning behind your numbers. Instead of focusing purely on data, shift your perspective to backstory. It’s important to understand which factors are affecting your business, and how they can be adapted to. Knowing the backstory of the numbers can help you understand where to make adjustments moving forward.
4. Understand your boundaries: Where most businesses would typically set aspirational goals, it may be helpful to adjust your expectations and define your minimum thresholds instead. While you still want to reach your ultimate targets, it can be helpful to know the bottom line as well. Knowing your boundaries can help you define a clear plan toward success and recovery.
5. Be ready to shift course when needed. As you measure success, you may find that you need to reassess more often than usual. Normally, you may do assessments quarterly. During unstable times, Eyal Gutentag recommends that managers assess more regularly, with weekly or even daily check ins. This will allow you to be ready to shift course on a dime and adjust your plans as needed. By staying on top of measuring your success, you can keep a finger on the pulse of your business, and emerge from this pandemic stronger than ever.