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How to set actionable KPI targets

You want to establish actionable KPI targets that are tangible and immediately relevant. Aim too high with your targets, and you risk deflating your team before you start. Aim at a target that doesn’t exist today, and you’ve created noise without any signal.

Here’s a process for setting actionable KPI targets:

Review business objectives

A KPI is a metric with a target that is core to your business’s performance. Every business has objectives, which are typically goals in regards to revenue, customer success, marketing mindshare, and productivity.

Analyze your current performance

You can’t get from point A to point B without understanding point A, your starting point. Dig into the data, allow yourself time for discovery, and provide an honest reckoning of your performance. This will give you the basis of setting your KPI targets. By evaluating your current performance, you get a dose of reality. Nothing kills KPIs or motivation like impossible stretch goals!

Set short and long-term KPI targets

You’ve interrogated the data, and now know the truth behind your numbers. It’s time to start plotting your way forward and start by setting a long-term KPI target. This gives an overall vision to your strategy, and a goal to work backwards from. From here, you can start to figure out short term KPI targets. The real benefit of setting short term KPI targets is that it gives you almost immediate feedback on your processes and ability to execute. Unachievable objectives deflate teams and drain morale. KPI targets must motivate and reward hard work.

Review targets with your team

Success is not created in a vacuum. Leading businesses and growth experts are democratic in the way they rally their team. Data transparency is a success factor.

In other words, take your KPI targets to your team and review them in an open, honest environment. Encourage feedback and act on it. If you’re a sales director, and your frontline team is telling you that there’s no way they can hit your new targets, then you must listen to them.

We aspire to achieve KPI targets because we want to push ourselves to do better and improve. If the targets you’ve suggested instantly deflate your team, identify root causes. Are they lacking visibility into the processes that influence positive outcomes?

The journey towards achieving KPI targets will have you innovating and auditing current processes. You can be firm on your targets, yet still empathise with the challenges in execution. As a manager, your job is to remove obstacles.

Review progress and readjust

The business world would be much simpler if you could just set KPI targets and automagically achieve them. It’s not. Business is complex, and growth is challenging.

You need to continually evaluate your performance at regular intervals. A monthly reporting cadence is natural and an ideal starting point. It allows time for your projects to take hold and influence your numbers.

The key to it all is communication. Be bold in your transparency and you’ll be rewarded with input and contributions from unexpected places.

Part of communication is championing the continuous review of your KPI targets. Keeping a direct line of sight on your performance and talking about it openly helps everyone stay on track.


When Cloning Is Not An Option?

Busy? No Crazy Busy

As you scan the to-do list, you realise that one of you is just not enough. Sometimes, when business is booming, rather than being able to kick back and relax, the trusted systems you’ve built start letting you down and the team start to grumble. You’re so busy that the idea of more business is as close to madness as you want to get.

For some business owners, there comes a time when you need to decide whether you want to grow your business or maintain it at its current size. It is potentially a huge decision that could change your business and your life forever.

How do you know when your business and you are really ready to grow?

How do you understand when your business and you are ready to grow?

7 Signs Your Business Is Ready To Grow

1. Growing to do list
That wonderful sense of satisfaction as you tick things off your to-do list is overshadowed by the pending sense of doom as you notice that it is growing longer each day. Making matters worse, when you prioritise the to-do list they are all coming up as High!

2. More opportunities than you can handle
Existing clients want more of you. New clients are seeking you out. Time to celebrate, right? But instead, their requests are added to the to-do list as a high priority and have to wait until you can get to them. Sometimes by the time you make it to them, they have already moved onto other suppliers. Instead of feeling upset, you feel relief.

3. Growing, Growing, GROWN
Yes, there are the normal busy periods in the year. But this is something altogether different. It doesn’t look like waning. The opportunities are there for the taking, if only you had the time.

Can’t take any more new clients on board? We can help with that.

4. Dropping the ball
Over time you’ve built systems and processes to make sure things run smoothly, however, there are cracks appearing in those systems now and it is taking longer than expected or those little errors are making it even more difficult.

5. Somebody has the grumps
Whether your team is just you or bigger, the team is complaining. There is too much to do and not enough time. Add to that your previously extremely happy customers are starting to make comments. Technology is not the silver bullet you

6. Technology is not the silver bullet you hoped
You are switched onto technology and use it to make things happen efficiently, but there are some things that apps and software just can’t do. You need another real human being on the team.

7. Revenue is looking good
There is enough cash to support the first few weeks of paying for someone until the increased revenue from their efforts hits your bank account.

Increased revenue is a clear sign that your business is ready to grow.

Growing

The idea of taking your business to the next level doesn’t have to feel so daunting and surprisingly it doesn’t always mean that you have to employ people in your own business.

Outsourcing
If there is a part of your business that you do not enjoy doing, procrastinate about or just don’t have the skills to do, consider outsourcing it. Most of us won’t think twice about seeking advice from a lawyer, but struggle on with doing our own book-keeping or marketing whether we are good at it or not. Nowadays, even soloist or micro businesses can take advantage of great outsourcing options.

Hiring a new team doesn’t mean commit to employing someone on a full-time basis straight away.

Hiring your own team
If when you sit down and do the planning, you decide that the best way to move forward is to hire into your own team, then keep your options open. You don’t have to employ someone on a full-time or part-time basis straight away. For those that suffer from a fear of commitment and want more flexibility, think about hiring a casual team.

We know there are a lot of choices to be made and it can be scary. We’ve done it ourselves and we’ll be happy to support you on the next stage of your exciting journey. Call us on 02 9907 6837 or drop us an email at info@impacthr.com.au for an initial consultation. 


Ready to Grow: Moving from Soloist to a Micro Business 

When you first dreamt of your business, was it always just you against the world? Was it the solo super business hero without his faithful sidekick or did your plan to include a team of people like Batman and Robin or the Avengers team to share to load, the dream and the success?

Thinking of moving from soloist to micro business? We’re here to help.

Those dreams can feel like the distant childhood imaginings once you’re locked in soloist mode. Don’t get me wrong, there are a lot of highly professional, highly profitable soloists around and not everyone wants to manage a team or expand their business through hiring people.


But what about you? Go back to your original daydream before you started down the business path that you are on. Was it just you or did it involve a team of people?

If you’re ready to grow and take the next step towards that goal, there are some steps to take. Those steps depend on your vision and time frames and are as unique as your business, but they all share the following three things.

Defining your business goals is key for the growth of your business.


1. Define your Business Goals
You need to be able to articulate your business goals and translate the ideas into a plan for the future. Spend some time thinking about what your ideal business looks like. So what if you are just one person right now. Even if your vision is a multinational empire you have to start somewhere.

2. Identify the Right Resources 

HR is not always about hiring people internally, it is about connecting you with the right external resources as well. Whether you need a marketing person you can trust to grow your client base, a financial wiz who can take the numbers on the page and unlock hidden value in your business, or a business coach identifying the right support is essential.

3. Be Accountable
Only when we are accountable to ourselves, our dreams become a reality. For many soloist who transitioned out of corporate life and are used to having someone there to encourage, problem solve and hold them accountable for delivering to their internal as well as external commitments, this can be challenging. But it doesn’t have to be. Share it with friends or family you don’t want to disappoint.

Start from identifying the right resources needed for your business.

4. Use Free Business Tools
There are a lot of great free tools out there to help with your day-to-day admin. From CRM software to Social Media management, you can easily download free software on your computer that will make your life easier in just a few clicks. And don’t forget First Aid compliance – download Alsco’s free ‘Beginner’s Guide To First Aid Workplace Compliance’ and make sure to keep your business safe.

If you need help to get started, call us for a confidential, obligation free chat. We know what it’s like and we can help you. Sometimes, just being able to talk to someone with no preconceived ideas about you or your business can really make a difference. Why we offer this? Because we’re passionate about helping small business and we believe that big companies can grow from Soloists.

Call us on 02 9907 6837 or drop us an email at info@impacthr.com.au