No matter what part of business you are in, you have to accomplish the results as per defined Key Performance Indicators (KPIs). There are set targets to achieve – at an individual and team level – to meet your organization's overall goals. Just because goal is measurable, doesn’t mean it can be easily achievable. While your team is working hard, it is important for you to keep an eye on the data to measure their efforts. Is your team working on the right things? Does their effort achieve the outcomes that your team needs?
Measuring doesn’t directly increase our ability to achieve the goal, however, it tells us what our current ability is.
Here are a few ways that will help you to accomplish performance & KPIs:
1. Target the critical & must achievable goals: It is exceptionally hard to achieve more than three to four KPIs, hence it is wise to define a FEW KEY RESULT AREAS or KEY GOAL and its measures.
2. Define actions leading to key goals: Identify actions that must be taken to reach those key results; called lead measures.
3. Focus on the measures of the key goals: Modify performance dashboards to focus just on the results that are the key focus or priority to the organization. Do not get trapped in measuring things that do not matter.
4. Focus on lead measures: As one can’t drive forward looking through a rear-view mirror, it is essential to track lead measures rather than lag measures. Focus on lead measures that are early indicators of what will take you towards the results, see if you’re tracking in the right direction, and help you make changes to your behavior or environment while there is still time. Avoid too much focus on lag indicators as they only measuring the past, not the present, and can’t be changed or no corrective actions can be taken based on them.
5. Identify red flags by monitoring performance: Instead of simply comparing current to the previous month's performance, look for any deviations away from the routine variation pattern that would suggest a signal to take corrective actions. Use KPI’s as indicators to Go & See and look deeper.
If you want to achieve performance for your team and your organizations, you need to narrow your focus on Key Result Areas & KPIs, find ways to convert them into actions, drive those actions relentlessly and continuously monitor performance to identify red flags and take corrective actions.