Some find it an impossible task: how to convince financial managers of the importance of non-financial business results? Yet the answer is quite simple: shows the effects of non-financial criteria on financial criteria. As argued last week, the solution lies within the EFQM Model. Please meet the Integrated Report of EFQM: the EFQM Management Document.
The basic idea of the EFQM Excellence Model is that enablers (leadership, strategy, people, partnerships and resources, and processes, products and services) determine the results for customer, employee and society and collectively influence, if not determine, the (financial) business results. In short, there is a clear relationship between non-financial and financial parameters.
The EFQM Management Document maps in detail how an organization implements its strategy. This is mainly used when applying for EFQM recognition, but more and more organizations discover the value of the EFQM Management Document. Creating the document leads to valuable insights, because:
The EFQM Management Document consists of three parts only, successively:
By means of a self-assessment based on RADAR, the EFQM Document Management is created. To support this process two Excel tools have been developed:
For EFQM-members free tutorials are available in the Knowledge Base. Not a member but interested? Please contact us.
Next week: will the true leader please rise? An introduction to the EFQM training Leaders for Excellence.
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