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Tips on Setting Annual Goals & Objectives

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Happy New Year. Yes this is probably that time of the year when we set our annual goals and objectives. That is, if the calendar year is aligned with your fiscal calendar. For those who are getting ready to set their annual goals with their teams, here are some guidelines in a presentation.

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Tips on Setting Annual Goals & Objectives

  1. 1. Tips to set Annual Goals & Objectives Anita Rao January 2014
  2. 2. Agenda          Y? Balanced Score card Customer Product People Finance SMART Goals Management Specific Goals Conclusion
  3. 3. Y? First plan the work then work the plan all year round
  4. 4. Balanced Scorecard Themes Customer Product Finance People 4
  5. 5. Customer Customer • Customer Management • Selection, Acquisition, Growth, Retention • Measures: NPS, Customer Acquisition, Retention, Satisfaction, Profitability Product Finance 5 People
  6. 6. Product Product • • • • Product / service capabilities that deliver value Partnership Service and Support Brand • Measures: Number of products/capabilities delivered, Customer NPS,Time to Market, % of revenue from new products/capabilities Customer Finance People 6
  7. 7. People Customer Product People Finance • Human Capital • Organization Capital (Leadership, alignment, teamwork, culture) • High performing teams • Employee growth and development • Measures : Employee NPS, Retention, Revenue per employee 7
  8. 8. Finance Customer Finance Product People • Growth, Sustain, Harvest • 2 broad perspectives • Growth (Expand revenue opportunities, enhance customer value) • Productivity (improve cost structure, increase asset utilization) • Measures:Top line growth, cost efficiency, cost reduction, 8
  9. 9. What are SMART Goals?      Specific – state exactly what you want to accomplish Measurable – how will success be measured Achievable – stretch and challenging goals (use action verb) Relevant – how is it tied to objectives and responsibilities Time bound – specify target dates to guide by when the result(s) are expected 9
  10. 10. Guidelines for Management Goals      Hire and Retain Top Talent Train and Develop Team Build High Performing Team (see presentation on High Performing Team) Introduce and successfully implement best practices across team Generic for Teams  Deliver successful products that delight customers  Customer NPS  Product relevant KPIs 10
  11. 11. Conclusion   Track and report progress throughout the year – quarterly at a minimum Ensure that KPIs or measures are    Actionable, accessible and auditable Communicate results internally and externally Celebrate and reward success!!!
  12. 12. Thank You Twitter @anitaprao; Blog: http://anitapaulrao.wordpress.com/ Linkedin: www.linkedin.com/in/anitarao/

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