What to Do When You Don’t Have New Targets

Are you still waiting for new targets?

It’s not unusual for companies to wait until August or September to produce new targets or metrics. They’ll wait for the previous financial year’s figures to get finalised before deciding on what they want to achieve next.

The problem for you and your team is that you want to hit the ground running. While June might have been exhausting, you want to keep the momentum rolling for July. But how do you do this with no targets?

Thankfully, it isn’t that difficult. If you want to produce metrics for your team, follow these steps.

Review the Previous Years’ Results

The best place to start is by looking at how you performed over the past few years. Hopefully, you have seen improvement. Review how much you’ve grown year on year and the factors that have been responsible for that. For example, did you have a promotion, or was there another reason for the increase in performance?

You don’t want to immediately set a new target based on these figures. But you’ll want to incorporate it into your planning for the next few months before receiving new metrics.

Look at Your Forecast

While you might be waiting for new targets, there should be some forecasting that has been completed, whether it be phone calls, website visitors, store customers or potential clients. You can use these figures to compare the previous years’ results you have reviewed.

You’ve got two choices from this point. To create new targets, you can overlay your current performance metrics over the forecast. Alternatively, you can lift your KPIs too. However, you should consider your team’s wellbeing at the same time, especially if they’ve come off a significant June period.

Understand Your Company’s Vision

Your company should hopefully have a three or five-year plan. Within that strategy will be growth and performance. Many organisations want to grow by a specific amount or hold a particular market share figure.

These components should also figure into your plan for new targets. If your company wants to grow by 10% annually, you’ll need to factor that into your metrics so you’re not playing catchup by the end of the year.

Create Stretch Goals

Once you have created new targets, it’s a good idea to have some stretch goals. Again, you don’t want to push your team members too early. But you also don’t want to make it too easy that you’re on the backfoot.

Stretch goals can help you get a good headstart. It also creates an expectation to the team that you’re not looking to achieve the bare minimum. You want to exceed your metrics each and every month.

Start the New Year Right

You don’t have to wait to be told what you want to achieve. No one in management will be upset with you that you’ve created goals while waiting for new targets. Keep them informed of what you’re striving for and why you’ve decided that these are the numbers you’re going for.

Need more help creating goals and a strategy? Make sure you’re following the Better Boss Blog. You’ll find tips and advice on how to achieve success without waiting for targets or metrics. Follow pwf services on LinkedIn, Instagram, and Facebook, so you never miss a post.

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