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The importance of performance levers can be validated by the fact that management innovation dimensions are all in line with the levers of control and create room for even more updated practices. These may range from the development of managerial practices to the implementation of complete managerial structures (Higgins et al., 2018). The presence of performance levers would become a competitive advantage for the team due to the decreasing number of constraints affecting the team. Also, performance levers unlock additional variables associated with organizational performance assessment, creating a much friendlier environment for teamwork and profitable employee engagement. While managers could use additional constraints under the flag of performance levers, the ultimate idea for the team would be to benchmark individual and joint successes and introduce required changes into the areas of supply chain management, value chain analysis, and strategic cost management.
Speaking of financial decisions, performance levers could be the best way to distinguish between the best markets to penetrate and the most appropriate target audiences to serve. If an organization chooses to approach the respective business environment with the help of performance levers, it will gain access to a much more sustainable and resilient environment where the company would attract investments instead of turning them down. As it is mentioned in Higgins et al.’s (2018) book, performance levers affect the long-term effects of financial decisions because the team starts questioning the outcomes of their activities within distinct markets. Less generalization leads to the discovery of the most profitable sectors and the most appropriate organizational vision. The purpose of performance levers in terms of financial decisions is to align the company’s goals against the existing client segments and markets and outrun the competition.
Reference
Higgins, R., Koski, J., & Mitton, T. (2018). Analysis for financial management (12th ed.). McGraw-Hill Education.
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