How did a 33-year-old recruiter from Silicon Valley compete in the halfpipe skiing event at this year’s Winter Games despite having the experience, training, or talent of an Olympic athlete?
Because people who set goals are more successful. Politics aside, Elizabeth Swaney had a clear objective: competing in the Winter Games. Through short-term goals and creating actionable to-dos, Swaney was able to reach her target and accomplish her end goal.
So if goal-setting is the key to making people more successful (and turning average athletes into Olympians), shouldn’t the same logic apply to businesses and their employees?
Yes, as long as that list of goals is more than just a list: goals must be clear to every employee, include a plan of action, and align with the business’ annual (or overall) goals. Here are 5 reasons why setting strategic, quarterly goals are not only important, but beneficial to your business’s productivity and success:
Quarterly goals establish accountability
It’s easy to pass the buck in a company with no processes in place to establish accountability. Each employee within the company should have a list of attainable goals including a clear plan of action that helps them meet each goal.
Quarterly goals help employees prioritize their tasks throughout the year and allow managers to track progress within their team. Creating quarterly goals also gives managers better visibility into each of their employee’s performance, overall productivity, and ultimately increases accountability.
Quarterly goals ensure metrics stay relevant
Running a successful company isn’t just about tracking the metrics relevant to your business. It requires managing and understanding how those metrics align with your company’s overall objectives. While long-term goals may require little change throughout the life of the company, short-term goals will likely need to be revised as the business grows and develops.
Reassessing your metrics as quarterly goals are reviewed will ensure that your company continues to measure what is working or whether adjustments are needed. Your team will also be able to use any new data to change or update their goals and feel confident in their continued success as an integral part of the company’s overall vision.
Quarterly goals help maintain sustainable growth
With all of the challenges surrounding sustainable growth, achieving this goal is not an easy task for any business. Quarterly goals ensures your company maintains the focus that is needed to eliminate any possibilities of running into problems. Quarterly goals can include adding new customers each month while retaining current customers.
With all the challenges surrounding sustainable business growth, actually achieving consistent growth is not an easy task for any business. Setting quarterly goals ensures that your company’s leadership maintains the targeted focus needed to establish critical processes in the earlier stages of success. Doing this helps eliminate the possibility of running into these growth-based challenges in the future.
Alongside these foundation-building goals, quarterly goals can also include proactive measures such as adding new customers or increasing sales each month while retaining current customers too.
Quarterly goals increases employee performance
Setting realistic, short-term goals help employees along their path of professional development. For instance, if quarterly bonuses or incentive-based programs are provided to employees, quarterly goal setting will increase their motivation to perform at a higher level. These goals can be anything from surpassing a quarterly sales goal to reducing departmental expenses.
Acknowledging employees who consistently meet their goals inspires future goal aspirations and creates a culture of celebrating success from within. In turn, this will also boost employee satisfaction and increase company loyalty.
Quarterly goals help to visualize the big picture
Goals, whether long-term or short-term, should all be created with the big picture in mind. Setting quarterly goals helps make those bigger, longer-term goals, feel attainable not only for the leadership team but for every employee responsible to achieving growth-based initiatives. Employees are more adept to achieve success when they have a clear understanding of their role and how their individual goals help drive the success of their company relating to that bigger picture.
Signature Analytics can work with your team to create the goals that best align with your company’s overall business objectives. If you need assistance creating or improving goals to achieve success and drive your business,contact us today for a free consultation.