To keep up with the constantly evolving world of business, change is necessary. And, its time to make a significant change in your key performance indicators (KPIs), especially if they are outdated. Many companies adopt KPIs only for the sake of measuring something, then fall short when it comes to creating a strategic plan to those KPIs. In this article at StaceyBarr.com, Stacey Barr explains five situations when shifting KPI goalposts is okay.
Situations that Cause You to Miss the Target
Changing Priorities: Digitization poses new obstacles to implementation, and digital transformation demands executives to focus on different priorities and capabilities to reach the target.
Uninspiring KPIs: Often, KPIs aren’t appropriately implemented and end up either being too ambitious (sometimes unrealistic) or not ambitious at all. Such situations demand you to come up with a healthy balance of a realistic set of goals.
Changing constraints: Your company is likely not the same business as it was a year ago. Therefore, it doesn’t make sense to consider those KPIs. What worked a year ago may not be relevant to where you are as a company today.
No rhyme or reason: One of the main problems with KPIs is the lack of understanding of why they exist. If there is no support, buy-in, and belief from the employees, then you must consider shifting KPI goalposts.
Failure to act: If you have failed to prioritize the activities and resources to achieve it, you must immediately shift your KPI goalposts.
How to Achieve the Desired Result?
Establish a strong purpose around the KPI and encourage your employees to brainstorm different ways to meet their goals. Additionally, ask these questions to yourself before shifting KPIs:
- What was the reason behind missing the target?
- What could make a better target?
- Does reaching for that target still matter?
- Are there enough resources and time to have another go at reaching the target?
To read the original article, click on https://www.staceybarr.com/measure-up/5-situations-when-shifting-kpi-goalposts-is-okay/.