Goal setting – figuring out what you want to achieve – is an excellent way to move forwards in business and your personal life and we talked about this before in a previous newsletter. We’ve also covered how you need to consider your resources so that you can achieve those goals without burning out.
Now, it’s time to look at measuring your results.
Many people think that measuring isn’t important. However, it’s essential because it’s how you tell that you’re going in the right direction. If the data says ‘no’, then you have an opportunity to change course.
Improving the process through measuring ensures that you and your team will achieve those goals. When you do, your reward is that wonderful feeling of achievement as your body releases dopamine. Those feelings fire us up, creating a drive that makes us want to keep achieving and become more successful.
The three criteria for measuring results are Milestones, KPIs and Accountability:
Setting milestones helps to keep the momentum and motivation going. When checking on your milestones, you can see the interim successes you’re achieving. Breaking down your goals in this way makes them easier to achieve, especially if you incentivise yourself with rewards along the way.
Why should you set measurable progress targets? Quite simply, to keep on track. When you check on your progress and notice something’s going awry, you can quickly intervene to steer yourself or your team back on course. Plus, when you notice that everything is going according to plan, you’ll feel encouraged and more confident in its ultimate success.
Additionally, using milestones to measure progress shows not only that you’re still going in the right direction, but also how far you’ve come and how far you’ve still got to go. Just like the actual milestones set along the old coaching routes.
Key Performance Indicators are regularly used in business to measure things that are key to your success. This strategy can also be applied to your personal growth or your team goals.
It’s important to decide what to measure. For instance, in business, decide the things that will make a difference, like sales or finance, and then what aspect of it to measure. Examples could be:
- Sales – conversion rates, revenue targets, or number of clients
- Staff performance – errors and omissions, achieving deadlines, accuracy
- Finance – accuracy of data, achieving meeting reporting deadlines.
Creating KPI Dashboards helps, too. Having that at-a-glance visualisation of your key metrics helps to give a quick overview of your current status.
How often should you measure your KPIs? Even with a dashboard set up, you still need to know how often to check it. Once a year is nowhere near enough, but every day is far too time consuming. Finding that balance is important.
For help in what your specific KPIs should include for the best results and how often you need to check them, do get in touch. A coaching session will help you to figure out how best to implement your KPIs.
Who are you reporting to? Your boss, a manager, a client, a friend or yourself?
Having someone to be accountable to is important when you’re trying to achieve our goals and grow your businesses. When you work for yourself, that can be more difficult. Some of my clients create a performance dashboard for each of their activities. This helps them to measure the work they’ve done and provides an accountability tool.
Self-managing can be difficult when it comes to accountability, which is why having a coach is incredibly empowering. Especially when you know that there’s something that needs to be reported on. Once you’ve told your coach that you’re going to do something, we make sure that you get it done. You know your coach will ask you about it, so you’re far more likely to do it.
Having that external someone to report to helps with the motivation and keeps you engaged. Your client won’t let you off the hook, and neither will your coach!
If you need help with measuring, managing KPIs and being held accountable, do get in touch. Coaching is a very powerful measuring tool. Give me a call on 07766 004964 or click here to email me for a friendly chat.