Why are goals important? How can I set KPI’s effectively? Will they really make the big difference to my life?
KPI’s (Key Performance Indicators) are just a fancy term for goals. They help you measure success. They give you the push you need to get up in the morning. They give you the push to knuckle down and work – be it on your perfect body or becoming a millionaire. Whatever your goals are, as long as they are achievable, you will have something to work towards and it will make you thrive.
KPIs when used for both personal and business growth are similar in theory – You look at what you want to achieve and then plan the steps that it will take for you to get there. The goals that you set need to be hard to reach, yet achievable. These need to be reviewed regularly and recorded so you can see the progress that you are making and use this to boost you forward more.
Why are Goals Important?
According to mobe.com, there are 5 reasons why KPI’s are important to you and your career/business.
- You can create and atmosphere of learning
- Receive important information
- Measure your Targets
- Encourage Accountability
- Boost Morale
You want to grow yourself – whether that is learning something new, losing the weight you put on since the new year or starting your own business – a goal will be the route you need to help you get there. The closer you get to your goal, the more excited about the achievement you will be. If you implement steps that are measurable, you will be able to see the progress you are making and chart your success.
Setting KPI’s Effectively
In business, you want KPIs to manage cashflow, billing and collection procedures, or to focus on sales figures, and profit margins. If you are setting them in your personal life, they can focus on anything and everything that is measurable.
For example, if you want to start a blog, you can measure your success with certain steps.
- Purchasing the domaine name
- Having the logo and marketing collateral designed
- Posting your articles
- Starting your social media campaigns etc…
Each step can be ticked off as you march onward and upward. But you will have to think of an end goal to your idea. Taking the blog as an example, do you want to receive a load of free stuff? Do you want to be viewed as an influencer? Is it that you want a free holiday? If these are your end game objectives, you need to plan each and every step, the time that it will take you to achieve this and what each next step will involve in order for you to enjoy getting there.
All About Quality
In both your business and professional life, KPI’s need to be considered in terms quality and quantity; As you can see above, they need to follow a strategy. They have to be measurable to enable you to make decisions on the route you take to reach the goal. For example, you are trying to lose 20 pounds. You go on one diet and hit the gym, but your weight has plateaued. Do you change your diet and/or gym routine? Should you be telling your friends and family about your goal so your wife stops cooking your favorite dinner, with your go-to desert twice a week? Following this process you will gain valuable insight into actual roles, key tasks, time, resources, issues etc; and gain real working suggestions for improvements and ideas on how you can drive and measure performance – Your wife may actually suggest bikram yoga as an alternative to weights.
As you may have noticed with the two examples above, the goals are specific. This is especially important in both your business and personal goals. You don’t want to waste your precious time reviewing each and every objective to determine the right course of action if you have three possible outcomes. That is three times the workload. Time is money and all that!
All goals need to be reviewed to ensure that they are still appropriate to you. In life things change. You may live in England and decide to move to the UAE. In light of this, your goal to start to learn Spanish as soon as you finished your current work contract, is that still viable? Is it really Spanish that is important or just the learning of another language? If it is learning another language, would Arabic not be more appropriate?
Regardless of what you want to achieve, wouldn’t it be amazing when you can tick off all that you have achieved and you are starting to see the results of your goals?
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