Being data driven is much more than just understanding how you’ve performed in the past, it is about improving in the future! Most of those improvements will come through setting goals and your pursuit of achieving them. While data can only tell you what has already happened, goals can make sure you know where you are going.
But how do you set effective goals, and how can data help you? The most effective goals are based on data and are measured using data. Many of your goals will be closely tied to your Key Performance Indicators (KPIs) because your KPIs already capture the most important parts of your business, which are also the most important goals you can set.
Even using your KPIs, it can be hard to set goals. Should you aim for an increase in revenue of 10% or 20%? Should you try to get your net margins from 45% to 55%? Is it even possible to reduce your customer churn by 5%?
This week we’ll help you answer those questions by using data to set goals. Specifically we will cover:
- Part 2 – Good vs Bad Goals
- Part 3 – SMART Goals
- Part 4 – Objectives and Key Results (OKRs)
- Part 5 – Predicting Goal Attainment Likelihood
By the end of the week, I hope you’ll feel confident in setting aggressive goals that aren’t impossible, but drive you and your team to improve your business as quickly as possible. Tomorrow we get started by talking about the difference between good and bad goals.
Quote of the Day: “People with goals succeed because they know where they’re going.” — Earl Nightingale