Tuesday, November 15, 2011

Get Your Incentive Reports Right The First Time

The other day, I noticed a gentleman shooting arrows at a target. It was amazing to see that he was able to hit his mark, even from a far distance.
His ability to successfully hit his target probably came from the following:
·         Learning from others’ experiences
·         Determining which type of bow was best
·         Implementing the tools and skills he learned

I immediately thought about economic incentive programs like QTI. I can appreciate that there are a required targets a business must hit before it can qualify for its annual QTI payments. Unfortunately, many businesses miss their QTI target goals because their aim is off. 
Typically, a business being awarded an economic incentive award is celebrated. This is for a good reason. The community is excited that a business has made a decision to grow here. However, it is imperative that the business owners understand that the business must hit all of its incentive goals in order to receive the scheduled award payments.
Just like someone participating in the sport of archery for the first time, a business must learn the rules of the game.

To successfully hit a QTI target on the first try, the following must be done:
  • Learn from others who’ve had experience with the QTI program
  • Determine why one method of documenting QTI goals is better than another
  • Master the skills needed to track and report QTI project results
  • Implement the tools and skills learned to accurately prove to the State that the QTI goals have been met
Knowing ahead of time what is required eliminates the “unknown”. When it comes to any economic incentive project, a business must ensure that its target goals are in sight at all times. For this reason, I usually recommend that my clients start aiming at their QTI target goals at the beginning of the year, rather than waiting until the report is due to determine whether they meet their goals. By then, it may be TOO LATE.

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