There are many benefits of setting annual targets, it helps your team to pull together to deliver a common goal and gives you a measure of how well you are performing.
Creating measurable targets will help you to deliver outstanding growth in 2017. The leadership team will know how well the business is performing, be confident they are not missing opportunities and team members have a clear understanding of how they each contribute to the business success.
- Vision: Ensure your company vision is in place. Everything starts with this as your vision defines what you want to achieve and so sets the focus for your targets and therefore your measures.
- Strengths & Opportunities: Start by reviewing how well the business is currently performing. Identify the strengths and weaknesses of your business and analyse it so you know which parts of the business contribute to your vision.
- Overall Target: Set a high level, ambitious, and exciting target for your company. Use this as a common goal to work towards as a team.
- Team Targets: For each part of your business that contributes to your vision plus for each strength and weakness, set small achievable targets and goals for each team. This helps each individual employee to understand how their role fits into the bigger picture. These will add up to your overall target.
- Embed Every Day: Next build these targets into your day to day processes. This way every action you take moves you towards your vision and overall target.
- Measure: Regularly review how well you are performing against each target and share this with your team. If you do this on a weekly or monthly basis you can take corrective action during the year if it looks like you aren’t going to meet your targets, avoiding a nasty surprise at year end!
Follow these steps to create a strong focused goal to work towards in 2017.
What tips do you have for setting your annual targets? We’d love to hear about how you approach this! Add your comments below.