Will your company meet its annual targets this year? If not, you’re in good company. By some estimates, only 50 percent of companies achieve their annual performance targets.
These missed targets represent millions of dollars in lost opportunity and lost market share that goes to better-performing companies, therefore damaging your business worth.
According to Alan Gehringer of Rhythm Systems, the most common reasons that companies fail to reach annual performance goals fall into three categories:
How can you, the company leader, avoid these three common mistakes and get your annual performance plans on track?
Billions of dollars are lost each year in unproductive meetings, so it’s important to plan your goal-setting meeting thoroughly. You need to bring together the right people with the right tools and complete information so that you can build relevant goals that develop your long-term strategy for the company.
For a highly effective annual goal meeting, take these steps:
Once you begin executing your strategy, it’s important to check your progress weekly and monthly. Avoid holding meetings where everyone reports the news. You want to spend these meetings identifying problems and finding solutions.
Such a focus helps keep meetings productive and helps drive performance throughout the year.
When it comes time to sell your company, having documentation of your annual goals will make it easier to provide the type of due diligence investors love. Buyers will be able to see exactly how your company is functioning, and the steps you’ve taken to build a worthy investment.
Still unsure how to proceed with your company’s annual plans? Look for help with a Rhythm Systems webinar on The #1 Mistake CEOs Make When Preparing for Annual Planning. And, for advice on the key components for any successful exit strategy, be sure to attend one of Generational Equity’s complimentary executive conferences.
By Jessica Johns Pool.
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