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How do leading practices achieve their goals? Follow these 5 tips

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AMP, FUSE CRM, HILLROSS, paraplanning, TNT

When it comes to setting goals and KPI’s, the sales side of a business is all too familiar with this process and is actually pretty good at it year after year. Let’s face it, most practices will have planner or practice targets they are working towards – but what about all the other areas of your practice? Paraplanning, Practice Management, Administration Support, Marketing, Lodgment – we often don’t measure the success in these areas which results in many Practice’s simply ignoring KPI’s and targets for these roles.

Question? Do you think all employees in your Practice are spending their time each day delivering in the most productive way? How can employee productivity be improved?

At TNT we offer Revolution: a Business and Efficiency Coaching Service where we can manage and support you through the stages of goal setting plus many other areas to ensure your team is aligned to the company goals and team culture and understand the importance of their contribution to the overall success of the Practice.

To get you started, we’d like to offer you TNT’s 5 tips for conducting a successful Goal Setting Day.  From discussing financial goals through to client satisfaction, it’s important this process is a collaborative one involving all of your team.

1. Be prepared & schedule a goal setting day Agree upon a date and clear your diaries for the whole team to be involved. Goal setting day is not just an opportunity for management to simply pass on what they think are achievable goals, but an opportunity for staff to feel connected and offer two way feedback by listening to what they may have to say. Whilst a dictatorial management style is common in many Practices, it does not make for great outcomes or assist your team to take ownership of the overall business goals.

2. Set an agenda of discussion points. Open by communicating the overall company and financial goals. From here, engage your team discussing how you can all achieve these goals. Do you need to re-consider or identify your ideal client? Review department efficiencies? Consider what systems and processes could be streamlined or improved?  Discuss any feedback you’ve had on service and what can be done to improve it. Keep discussion on topic.

3. Define and own clear and focused goals. One way to do this is to have two business goals set for every employee and ask each team member to set three goals for themselves based on their role and what will contribute to the bigger picture. The business goals could be aligned to culture or customer service expectation. Make sure all the goals are SMART – specific, measurable, attainable, realistic and timely. You can’t expect an employee to be efficient if they don’t have a focused goal to aim towards.

4. Incentivise employees by recognising their achievements and make them feel appreciated. At TNT we place a lot of weight on the importance of an effectively designed KPI program as the key tool to motivate team members to give their absolute best to their practice beyond the standard expectations and work together to achieve agreed practice targets and goals. When deciding how to recognise efficient employees you may like to consider non-financial rewards. We advocate a ‘favourites’ list to be completed for all new team members. This allows for the employees favourite wine / flowers / restaurant / hobbies to be noted for future gifts of appreciation.

5. Commit, Review and Track. This is the most important part of setting goals. If accountability or responsibility is not clear for both the employer and the employee then the goal will not be executed and in most cases, not achieved. We recommend the primary goals set are reviewed regularly in team or one-on-one meetings. This way the status of the goal can be discussed, any challenges can be rectified and if the goal needs to be changed due to changing circumstances, this can be done before it is too late. Diarising regular times to review and discuss goals and KPI’s should be set into diaries in advance. Remember: goal setting is an absolute must for those that want to succeed, but success will only be achieved if you create accountability, track and execute these goals.

We look forward to hearing your feedback about TNT’s top 5 tips for setting goals and targets and achieving them!

Follow TNT Advisor Solutions on facebook or LinkedIn, or check out our blog for more top 5 performance tips.

Contact TNT Advisor Solutions to find out more about our Revolution Service, or should you wish to chat about how we could support you in your goal setting journey to attain ultimate success across your team. We’re always happy to chat 🙂

Written by Rebecca Deviesseux 2018

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