As many businesses start to reopen their doors, you might be thinking about re-evaluating your business goals. This might be in reaction to some of the challenges you could likely be facing as a result (directly or indirectly) of the pandemic.
Setting individual business goals and objectives should all be closely linked to the overall goal of your business. Identifying a set of performance measures or KPIs allows you to reach the goal and it is absolutely necessary to keep them under constant review.
At Neon, we regularly review our goals and objectives to ensure they are in alignment with the company vision. We also take the time to work closely with our clients to ensure our programmes stay on track, continually delivering high levels of performance and engagement.
The beauty of this approach is that it works at both macro and micro scales. It can form the basis of your new fitness routine or help drive your business to doubling your revenue – the overall technique is the same; with clear objectives, defined purpose and a solid plan you can make fantastic progress!
Our primary discussion point within the Neon management team or with clients is to establish what outcome(s) or result(s) we’re looking to achieve. This has to be tangible, something objectively measurable and clearly defined. Everything after this point is measured as either helping or hindering achievement of this result!
Once we have established what we want to do, we take the time to understand why. The why is inherently critical to qualify as it’s the energy that drives the action. Without a solid reason and complete clarity on the purpose of what we want to achieve there’s a risk of wandering off course or disengaging the key individuals who can make it happen.
With a clear objective and comprehensive understanding of why it’s critical to achieve, we start looking at the plan of how we can make the progress we desire, when we want to do it by and who can influence that progression.
A good plain entails the following elements:
. The desired completion/delivery date of the objective
· Milestone dates which create markers to ensure we’re on course and on time
· A clear definition of who can influence the achievement of the objective
· Clarity on how those individuals influence the achievement of an objective
· Definition of what we can do to support the individuals that impact it
We use this approach to ensure we stay on course throughout the year, taking advantage of the compounding effect of small, incremental bits of progress to accomplish big results!
When recently discussing business objectives with one of our clients, we listened to their overall goal in wanting to increase Market Share for 2020. We spent some time understanding why it was critical for them to do this and set about creating a plan to help them achieve it!
Utilising one of our useful mobile apps, we have set an individual performance dashboard with certain measurements or KPIs in order to help reach that overall goal. These include but are not limited to:
· Visibility of sales vs. target performance
· A set target of units that must be sold before unlocking access to any reward (with an aim to drive initial sales output)
· Breakdown of performance by sale (model, retail date, horsepower etc.)
· Dealer level performance (individual vs. colleagues etc. - benchmarking helps drive activity)
· Brand level performance (individual vs. all salespeople, dealer vs. other dealers)
All metrics are updated on a daily basis and allow us to react when individuals are not performing. We can send personal push notifications to connect with the user in order to drive performance and engagement.
The programme itself contains and captures a considerable number of metrics, a few of which are outlined above – we established that the sales teams required greater visibility of some key metrics and improved supporting initiatives to help them towards their overall goal. The KPIs we introduced can be cross-referenced with the individual and their behaviours on the programme.
By analysing this information, we can spot when an individual has routinely low engagement, poor test scores and average sales performance, assisting our client and their regional management teams in understanding their staff and improving how they can engage and motivate them more effectively.
With small incremental changes, aligned to a longer-term plan, we start to see significant results!
It is SO important to utilise the rich data within your business and create a story from it to excel. Netflix do it and so do Neon...
As many businesses start to reopen their doors, it's important to start thinking about re-evaluating business goals and objectives.