The year is flying by, and we’re already halfway through the second quarter of the fiscal year. This is a critical time of year. There have been plenty of deals and enough action to really start taking a good look at how teams are performing.
You have plenty of data at your fingertips to analyze and, with the right tools, you can feel confident in the direction you’re going. Whether your teams have been crushing quotas or not, it’s important to periodically assess goals.
What does this look like? Let’s get into it.
1. Reflect on the “Why”
What were those goals again?
A simple way to start the process is by looking back at the goals you set for your sales team. Ask yourself, why did you set these particular goals? What was the reason behind them?
This will naturally include revenue and overall performance goals. It’s important to understand your reasoning behind these original goals so you can keep your eye on the prize, even if adjustments are necessary.
2. Look Back on Past Quarters
What’s working? What’s not?
Next, take some time to look at what went right and wrong since the beginning of the year. This is a great starting point for making changes and deciding what doesn’t need to be adjusted.
Altering goals and priorities doesn’t mean you have to start from scratch, though. You can take what is working and build off of them.
With LevelEleven, performance toward goals is easily measured through visual pacing cues. It’s easier than ever for managers to, at a glance, see how teams are measuring up to goals that are important for both the business and for personal growth.
3. Look to the Future
What could change?
After taking a look back on the previous quarter, take time to look forward. There has been a lot of economic uncertainty with layoffs across many industries and the threat of a recession. Maybe your own company has even felt the effects.
These changes might mean that additional factors have to be added into the equation when you’re looking at goals.
For example, maybe budgets have been slashed and the extremely important in-person events will be attended with a few less salespeople than last year. Think about how that would change your event goals regarding lead count and expected ROI. The saved costs from not sending as many team members could be used in a variety of other ways.
Or, let’s say you have lost a few team members since the start of the year. Maybe some of them were top performers. How are you re-setting expectations and making up for what you thought would be a loss of revenue?
Align your goals with the new possibilities.
4. Establish New Metrics
What are those key business activities?
After you’ve completed your reflections and have looked to the future, it is time to determine your metrics and help your team work to new, adjusted goals.
To refresh goals, you need to start with the basics, your metrics. Pay special attention to what you’re measuring and how that will translate to your organization reaching its goals. Find some ideas for refreshed metrics below or check out LevelEleven’s KPI Report for the most common KPIs used by teams around the world.
Be sure to leverage intelligent technology whenever possible when revamping metrics and goals. LevelEleven users, for example, can play around with their metrics and perform “what if” scenarios to figure out the exact path and exact metrics to focus on to achieve their goals.
In addition, the LevelEleven Goal Engine should not be overlooked for its ability to provide managers with an intelligent forecast of goal achievement. You can be more confident that you aren’t setting your expectations too high or too low, because LevelEleven will let you know.
5. Communicate New Goals to the Team
Is everyone on the same page?
This sounds simple, but is arguably the most important part of establishing new or refreshed goals. After all, your team needs to know what’s going on so they can act accordingly.
One way to make metrics abundantly clear is with LevelEleven’s Performance Scorecards. These get your team focused on the behaviors that drive revenue, customer experience, and business results. In real time, reps are able to view their performance against the goals that have been set for them, keeping everyone on track no matter how new their goals are.
Frequent, structured coaching conversations also need to be happening in order to see any amount of success. Check in with your teams, and use good tech to do it. LevelEleven’s robust coaching solutions empower managers and reps to always be on the same page, with documentation and data all in one place for easy reference.
Establishing goals can be daunting, especially when you’re unsure of what will happen in the world, but it doesn’t have to be overwhelming or scary. Look back on what you’ve been doing, adjust your goals when necessary, and take steps into the future with new, meaningful goals.