Posts Tagged ‘targets’

Targets Are Targets, Results Are Reality

Tuesday, May 27th, 2014

Hubris can be the first of the 5 stages of decline.In the last few days, the weather, in the parts of Canada I’ve been in, has gone from chilly to hot.

About time, too!

It’s almost the end of May. The golf courses are open.

Another month and the schools will break up for summer and vacation time will begin.

And, just in case it’s overlooked in the excitement, companies with a calendar fiscal will reach the mid-point of the year. I know. I’m a dour, Scottish buzz kill.

Some business owners will go off on vacation pleased that results are ahead of expectations. Others will not be so satisfied – and some will be unhappy.

But all 3 types of owner share 1 thing in common. They know more now than they did when they set their expectations for the year.

Why is that worth mentioning?

We live in an achievement-oriented society. So we’re programmed to focus on the latter 2 types of companies – those that haven’t made their targets and those who are barely doing so.

They’re the ones who are underperforming. So they need to figure out why because they need to do better.

And that’s where our thinking often stops.

However, what about the companies that are doing well against their targets?

Is it possible that’s because their targets were low? After all, they were set around 6 or 8 months ago.

And, despite having been in the consulting business for over 12 years, I have yet to meet someone who can consistently predict the future.

Some of the owners, whose companies are doing well, will take the time to review their performance. And, if needed, change their activities to drive for even better results based on what they now know about this year’s performance.

In fact, I notice that the owners who take the time to step back and review their performance regularly, tend to have successful businesses.

The alternative, simply accepting the results as good fortune or, worse, as being their “due”, is a sign of complacency born of hubris.

And, as anyone who has read Jim Collins book “How The Mighty Fall” knows, hubris can be the first of the 5 stages of decline……..

 

If you enjoyed this post you’ll also enjoy Too Early To Tell If It Will Be A Good Year? Think Again!

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Jim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

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Don’t Fool Yourself……

Tuesday, January 3rd, 2012

Your strategy for growth is in place; your business planning is finalized; you’re all set for 2012 and it’s only 2 Jan.

Sounds good…….

A question if I may. Did you achieve or exceed your targets for 2011?

Who’s first?

You are and yes you did achieve your 2011 targets. Excellent, congratulations.

So how many years in a row is that?                                                             

Only one, eh? Hmm.

Well yes it is important because it means that in the last 2 years you missed your goals at least as many times as you made them. And if that’s a repeating pattern you’re not getting steady growth are you?

Who’s next? No you didn’t make your targets? OK.

Oh, you almost did? Well, actually “almost” isn’t good enough. What would have happened if Apollo 11 had almost got to the moon? Or if they had almost got the Apollo 13 astronauts back alive? See what I mean?

Almost doing something is not the same as doing it.

So here’s my point. Oh, you were wondering when I was going to get to the point.

OK well here it is now………Just one more, quick question first.

Have you developed a new strategy for this year or did you change your business planning process?

Why do I ask that?

Because if you missed your targets in 2011 – or haven’t made them for more than one year in a row – and you haven’t changed or modified your strategy and business planning process, what makes you think you’ll achieve or exceed your targets in 2012?

Why would using the same tools, in the same way, result in a different outcome?

The point is, you could be sitting there full of confidence for 2012 because you completed your strategic and business planning processes.

But the seeds of more missed targets are already planted and growing – because those processes aren’t delivering results.

Well, yes, you can do something about it now. You don’t want to wait until the end of the first quarter when a chunk of the year has already gone.

Get someone impartial to look at your strategy and business planning process for you.

Who?

We can. Give us a call and ask about our Tune Up. It’s quick and inexpensive. We’ll tell you what needs to be adjusted – if anything.

And you can go back to feeling confident about 2012.

Any questions?

If you enjoyed this you will also enjoy So Tell Me, What Is Strategy? and 4 Things Every Business Owner Must Think About.

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