Management is a Science
"...The best management is a true science, resting upon clearly defined laws, rules, and
principles, as a foundation."
— Frederick Winslow Taylor
Business Metrics first emerged as a valuable management tool with the early 20th century advent of Taylor's "Scientific Management" and the science of industrial engineering. Using little more than a stop watch, Frederick Winslow Taylor measured the time it took for each person to in a steel plant to complete their tasks. He was thus able to better economize their motion and increase their productivity.
Taylor's work highlights the importance of using metrics in all areas of business: Only through measuring both the costs and especially the results of each activity involved in your business, can you effectively manage them.
As Taylor said, "...the remedy to business inefficiency lies in systematic management, rather than in searching for some unusual or extraordinary man."
Michael Alter is President of SurePayroll. His payroll outsourcing firm processes and remits payroll taxes for small businesses across the country. He is a contributer to The Payroll Blog and Inc.com's Trade Secrets.