Regular measurement of progress relative to goal achievement helps you make adjustments to your plans. Clearly define the metrics you'll measure, the data sources you'll use, the measurement methods, and measurement frequency. Build contingency plans during the initial goal setting phases and know the triggers for executing those plans.
- Regular measurement of goal achievement…helps you make adjustments to your plans.…Clearly define the metrics you'll measure,…the data sources you'll use, the measurement methods…and measurement frequency.…One retailer I worked with had an online, a store…and a catalog channel.…Each of those was considered a separate business unit.…They all had goals and they all had measures.…For the online business unit, they had goals around…traffic, orders, revenue and items returned.…
The stores had same-store sales growth,…revenue and store budgets.…The catalog business had a mailing list growth goal,…revenue, orders and returns.…Every metric had well-defined data sources…and methods for measuring.…The organization built standard reports…that were generated on a regular basis.…Those reports were delivered via dashboards…to the executive team.…When you're building your measurement method,…build contingency plans during the goal-setting phases.…
This isn't just about keeping score.…You should measure for a reason.…When you're measuring, think about what could go wrong,…
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- Set corporate and business unit goals.
- Define driver metrics.
- Explain the concept of supporting goals.
- Identify benefits of tying goals to strategy and incentives.
- List ways to troubleshoot and communicate goals.
- Describe how to hold others accountable and avoid pitfalls.