To understand if you or your organization is considering the Total Return on Investment of your program, ask yourself the following questions:
- Do you know who changes as a result of your program? Do you know all of the people and/or organizations that change?
- Do you know how they change? That is, how does each stakeholder group you listed in question 1 above change? Do you take account of all positive and negative changes and not just what you want to see happen?
- How do you know? Yes, how do you know that they change and how they change or will change? Are you going beyond opinion and conjecture and gathering actual evidence?
- How much is you? That is, how much of this change is as a result of your program and not some other program? Are you taking account of all other possible influences?
- How important are the changes? The more value the stakeholders attach to the changes they experience, the more they are worth and the more valuable your program is. So you need to know how important the changes are. Also, one of the principles of measuring total value is to only value the things that matter.
If you can answer all the above questions positively, then yes, you have started your journey to accounting for the total value created by your program. But don’t stop there. Keep going till you have calculated the total value you have created for all your stakeholders with your program. Or you can call the experts. Us.
If you do not know the total value created by your program, how can you value your program correctly and make the right strategic decisions for your organization? Total value is critical to the long-term success of any program and organization.