31 March is here and the first quarter of 2021 is complete so its time to review your position and check yourself.
So, why is it good to set quarterly targets?
- 3 month goals work better than annual goals with last minute pushes to hit targets occurring 4 times a year rather than one! (check out the ’12 Week Year’ as a book recommendation).
- 3 months also gives enough time to understand the target, build momentum and to try and test strategies, whereas shorter period targets may stunt ideas taking form that need more time to bear fruit (especially if these are set targets for teams).
- Hitting targets quarterly gives you a chance to celebrate more which is great for you and your team, re-energising and re-motivating.
Goals outside of business benefit the same way with quarterly targets. For example the 2021 goal I’m part of on Garmim Connect is to run over 2021kms (a long way), and this is broken down into challenges of 505.25kms every 3 months which seems much more manageable. But if you broke that down further to a daily must run target and you don’t do it one day, then that can be demotivating leading to further missed days and not hitting your quarter or annual mileage!
Setting goals to keep personally motivated is a decision YOU need to make and one size does not fit all, so give it some thought and find out from your team what works for them best (some people and some targets may work better with a daily routine/target).
Three months in and a lot can change (2020 being a prime example of this). So it’s time to review the rest of the years targets and adjust if needed.
- If one of your targets this year was to double your business worth and, as it stands, you are already 11x your value from 1 January then your targets for the year would be to maintain or increase the value further (I’m thinking GameStop)
- If you were cautious on 1 January with targets due to covid but now with UK lockdown coming to an end and shops, pubs and restaurants due to reopen then you need to readjust (I’m thinking of Wetherspoons target to open 18 more pubs)
- Or if you simply didn’t meet your targets and now the year targets feel out of reach, then you may need to adjust targets or tactics (I’m thinking Rite Aid, a US based pharmacy, who fell far short of targets due to the very low cold and flu cases due to Covid)
Whatever the result is for you, I hope you’ve had a great quarter and continue on for the year.