- What is a performance cycle
- What is a performance period
- Why create a multi-quarter period
- How to create a multi-quarter performance period
The performance cycle
A performance cycle is the rhythm Waymaker dances to, the drum we march to.
Each performance cycle should include:
- Complete the diagnostic
- Ask and answer the 7 Questions
- Plan, Prioritise and commit the goals for the performance period
- Review whole of business performance against the goals
A performance period is a specific period of time a performance cycle runs over. Its normally a quarter but could be multi-quarter or even over a number of years.
Diagnostics are related to a performance period. Goals are also related to a performance period.
This allows you to track how the business performed against the goals committed for the performance period as a direct result of the insights revealed from the diagnostic completed at the beginning of the same performance period.
Some goals will be long-term strategic business objectives and take longer than a quarter to achieve. They could run over several quarters, a year, or over 5 or 10 years or longer.
A Big Hairy Audacious Goal (BHAG) - a term coined by Jim Collins and Jerry Porras in their book, Built to Last: Successful Habits of Visionary Companies — is a long-term, 10 to 25-year goal, guided by your company’s core values and purpose.
A goal to "Be the trusted strategic planning & performance platform channel", isn't going to happen over night, like a fine wine, it needs time.
To support longer-term strategic goals multi-quarter performance periods can be created.
When writing a multi-quarter goal select the multi-quarter goal check box.
You will notice the goal editor screen change slightly.
There will now be an option to select the financial year the goal is due, and rather than selecting a quarter, you will need to select a Start Date and Due Date for the period.