How often should business goals be reviewed?
One of the biggest challenges when you have set specific business goals is knowing when they should be reviewed. In a fast-moving business environment, a set of goals may not be relevant in a few years, or even a few months.
What’s more, with many firms using business strategy software to handle these changes, companies are able to track goals in real time, making it easy to adjust them as necessary.
So how can businesses be sure their goals are still helping their company develop? Here are three times the goals of your company strategy need to be revised.
At regular intervals
This one might seem obvious, but it can be easy to assume that if there aren’t any problems with your goals, then they must be working effectively.
However, reviewing goals regularly is an important process to undertake. Not only can it help to identify the goals that are going to be exceeded, it also offers an opportunity to understand exactly how these initiatives are progressing. Quarterly, or even monthly, reviews can ensure your corporate goals are contributing to the company’s overall strategy.
If your teams start falling far behind
Unrealistically high goals aren’t going to do your teams any favours. While your business goals should always be pushing staff to achieve their highest, there is a line where this stops being a source of motivation.
If your teams are unable to meet the targets you have created, consider revising these so they are both achievable and a source of motivation.
Following a major disruption
These days, technology and new business models are up-ending existing companies. Often these disruptions will strike quickly and can change a market virtually overnight.
Following these disruptions, any existing goals are not only going to be unachievable but are also likely to be irrelevant. Readjusting your goals following a significant disruption to your business activity will ensure your company can respond to these changes quickly.
By reviewing your business goals regularly, it is possible to build a resilient long-term strategy and also develop a nimble business that can respond to changes promptly.