Share online:

Get News & Insights right in your inbox:

5 Reasons why quarterly goals can benefit your business

How did a 33-year-old recruiter from Silicon Valley compete in the halfpipe skiing event in the winter Olympics despite having none of the experience, training, or talent of an Olympic athlete? Because people who set goals are more successful.

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 everyone in an organization and include a plan of action that aligns with the business’ annual (or overall) goals.

Here are 5 reasons why setting strategic, quarterly goals is not only important but beneficial to your business’s productivity and success:

Quarterly business goals increase accountability

Setting measurable quarterly goals helps increase accountability and encourages departments and teams to put processes in place to support the achievement of those goals. Each department within the company should have attainable quarterly goals accompanied by a clear plan of action that helps them meet those goals.

Quarterly business goals require metrics to be relevant

Using the metrics of your quarterly goals to make strategic business decisions helps ensure that your company is being responsive to what is working and proactive about making changes where adjustments are needed. Your team will also be able to use the data to change and update existing goals, measure success, and show the lasting impact each member has on the company’s overall vision.

Achieving business success requires managing people and understanding how the metrics of those people’s performance support your company’s overall objectives. Long-term goals continually evolve throughout the life of the company, and short-term goals need clear metrics to be effective.

Quarterly business goals help maintain sustainable growth

Quarterly business goals encourage sustainable growth by setting measurable checkpoints throughout the year. For example, business owners may set goals to add new customers each month while retaining current customers or to increase sales in a specific vertical in order to reach their quarterly business goals.

To achieve sustainable growth, your leadership team needs goals that keep them focused on the critical processes that build success. Creating quarterly goals ensures that productivity, growth, expenses, and processes don’t go unaddressed in the hustle and bustle of running a business.

Quarterly business goals increase employee performance

Setting quarterly goals help employees prioritize their tasks throughout the year and allows managers to track progress within their teams. Creating quarterly goals also gives managers better visibility into each of their employee’s performance and overall productivity. Individuals who can see the results of their efforts are more likely to continue to perform at a high level and be increasingly accountable, productive, and engaged.

Setting realistic, short-term business goals helps employees along their path of professional development. For example, quarterly employee bonuses or incentive-based programs are tied to quarterly business goals and 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. As long as the goal is specific, measurable, and attainable, it can supercharge productivity. 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 engagement and increase loyalty.

Quarterly business goals help everyone visualize the big picture

Setting quarterly goals helps make those bigger, longer-term goals feel attainable not only for the leadership team but for everyone on the team. Everyone from leadership to managers to employees are more apt to achieve success when they have a clear understanding of how their goals help drive the success of the company.

Signature Analytics provides the kind of high-level business advisory services that can help you set financial goals that support your company’s overall business objectives. If you need assistance creating or improving the accurate financial visibility needed to achieve success and drive your business objectives, contact us today to talk to an expert.