We’re in the home stretch of Q1, with just a couple of weeks left to hit your Quarterly Goals. Time to finish strong.
And as a business coach, that’s what I’d be in your ear about right now. So let’s do a quick little coaching-session-via-blog:
How are we doing on your Quarterly Goals? Are you On-track or Off-track to hit them?
If you’re On-track: great! Now what do you need to keep an eye on that could potentially disrupt you from hitting those goals?
- Are you counting on one big step or push? What can you do if that doesn’t come through?
- How is the staff/your morale? Are they/you losing focus or wearing down? Do you need to have a plan to dial everyone in and finish strong?
- Stay the course, but don’t assume that everything will go perfectly. Be thinking about what curveballs might come at you and how you could adapt if needed. So you’ll be ready if it happens.
If you’re Off-track: what changes could you make to get back On-track? Don’t just cling to a plan that’s not working.
The goal is to hit the goal, so let’s look at some other angles to help us do that, or at least make up some ground on them.
*Probably the most expensive mistake I see business owners make when it comes to setting and hitting goals is not adapting once they fall off pace to hitting them. They ride out a plan that’s failing, get to the endpoint, rinse and repeat. *sigh*
How to handle getting Off-track on a goal? (<– You need to know this.)
First, you want to be able to catch it as soon as possible. The way we do it is to monitor Progress-to-goal (P2G) by using Rocks, Scorecards, and our Weekly Operating Routine. Reporting Progress-to-goal on every goal every week is the key to surfacing problem areas ASAP.
- Progress-to-goal: key lingo that keeps everyone in tune on goals. P2G is simply where you’re at and where you’re going.
- Example 1: Reporting in on 3/16: Monthly Gross Revenue: 45k (progress) with a goal of 70k. (~halfway through the month but over halfway to the goal – nice!)
- Example 2: Reporting on 3/16: Monthly New Leads: 12 with a goal of 40. (*Record scratch* ~halfway through the month but well behind pace. RED FLAG!)
Second, look to make an adjustment. Remember, the goal is to hit the goal.
Example 2 above is a situation we’d catch as soon as it fell behind.
We’d immediately address it, figure out what’s not working and what adjustment to make to get back on track to hit the goal.
Continuing with example 2: we’re behind on our new lead goal for this month. Here are a few assessment questions:
- Have we stuck to the plan and it’s not working, or are we not actually executing the plan?
- Is there a lead gen activity that’s not producing you can kill and replace with something else?
- What’s working that you might be able to do more of?
- If hitting the goal now isn’t feasible, what’s our new projection?
Third, the root cause of being behind may or may not have been solved with your adjustment. If it wasn’t, you’ll need to circle back to it. There are a million reasons it could happen, and how to address them is a topic for another conversation.
What’s important to note here is that we prioritized making an adjustment to hit the goal first. Then we circle back and address the root cause if it remains.
**Some situations would call for addressing the root cause first. But not always. Obviously use your judgment based on your situation.
This thought process will help you uncover problem areas and make adjustments BEFORE you get to the finish line with your goals.
It’s a great exercise for you to go through with or without a coach. It will help you recognize and solve issues sooner, letting you hit more of your goals.
Quarterly Goal Setting for Q2
Now it’s time to set the plan for Q2. Between now and the middle of April you want to have cast your Q2 goals. Here’s a speedy walkthrough of the process:
- What are all of the issues and opportunities your business is facing? Create a list. Don’t overthink it, just list.
- This list should carry over from quarter to quarter, updating as things change. So use a google doc or something you can keep up with.
Next use these questions to prompt
- How has the landscape changed since we set our Q1 and annual goals?
- What’s different about our circumstances?
- Is anything significantly different in the market?
- Are we on pace to hit our year-end goals? (You’ll need this perspective to be able to answer the most important question next.)
Here’s the big question:
- What do we need to accomplish in this quarter to hit those year end goals? (<<–Your main criteria for your Q2 goals.)
- If you’re behind pace: you might have to be more aggressive with your priorities to make up some ground.
- If you’re ahead of pace: what could you do to keep the momentum going? Another strong quarter and it might be time to increase your Annual Goal.
- REMEMBER: these goals aren’t limited to metrics. If you need to hire another coach in Q2 in order to continue growing to meet your year end goals, then hiring another coach is a Q2 goal.
At this point you should have a shortened list of (potential) goals for the quarter. Here are a few more tips to narrow the focus and tidy that list up.
- Limit the number of goals for the quarter to 3-5. It might be tough to trim it down, but we can’t do it all at once. Pick the highest priorities and don’t set more goals than are feasible.
- Good Goal Setting: Try structuring goals using this format: “From (X) to (Y) by (when). Owned by: (goal owner)”. How you frame the goal is more important than most people tend to think. If you want clarity and accountability, this is for you.
Why assigning ownership of each goal is critical. Where does the buck stop? There has to be someone who is primarily responsible for ensuring the goal is hit.
Here’s an example of a well written goal: From $10k/mo autopay to $12k/mo autopay by 6/30. Owned by Your Name Here.
And here’s a poorly written goal: Increase sales.
Lastly – if you want to be accountable, put your goals out there.
Feel free to share them with me if that helps.
If you’re ready to take control of your business growth and create a plan to get you where you want to be, schedule a Strategy Session with one of our coaches. They will help you assess your opportunities and set the right goals so you can make sure everything you’re doing is working towards the business you want.
