Month to Date Target

A guide on how to create a Month to Date target formula and see your daily progress.

Last updated: June 7, 2021

Month to Date target formula

Your team needs to reach a certain target this month. Having your monthly target shown at the beginning of the month may seem vague or overwhelming.

However, if you display your targets and progress measured daily, it will create a much better overview for the team and allow you to easily understand if you are ahead of or falling behind your targets.

To create a Month to Date target, go to the Advanced formula editor in Plecto and type in a formula that could look like the following:

(
   (
     Sum(Monthly target,Amount)
     /
     NetWorkDays(StartDate(),EndDate())
    )
*
NetWorkDays(StartDate(),Today())      
)

Be aware: This formula is based on working days (NetWorkDays) Monday to Friday, and is using the Lookup Function 'Sum.' Also, the monthly target might be named differently in your data source. If you imitate the formula from above, make sure to select the lookup function, data source, and field relevant to your organization.

  • 'NetWorkDays' are Monday to Friday.
  • 'Today()' represents the date of the current day.
  • If you use 'StartDate()' after 'NetWorkDays,' the start date is Monday.
  • If you use 'EndDate()' after 'NetWorkDays,' the end date is Friday.

The target will increase daily until the end of the month where it will display the overall target. Make sure to select the 'Current month' time period on the widget. It will then display how much of the overall monthly target you need to reach on a given day.

MTD_Sales_vs_Target.png

An example of a Month to Date target from May 17th, 2021.

Tip: Use conditional colors on your widgets to better visualize how far you've come to reach the target.

In the example above, the monthly target amounts to $ 10,000. The target on the widget will increase daily until the end of the month where it will reach $ 10,000. The example shows monthly Sales vs. Target on the 17th of May 2021 based on the number of working days (Monday to Friday).

There are 21 working days during May 2021, and the 17th of May marks the 11th working day. The displayed target value is $ 5,238. We can verify the result with this calculation: 10 000 * (11/21) = 5,238.

Month to Date target with custom workdays

You can add a parameter in your formulas to define custom NetWorkDays. This allows you to make precise calculations based on the number of days you are working, and therefore set up an accurate Month to Date target.

The default NetWorkDays are Monday to Friday but if you work, for example, from Monday to Saturday, you can add custom NetWorkDays to let Plecto know which days it should include in the formula. Then your formula would look like this:

(
    Sum(Monthly target,Amount)
    *
    (
        NetWorkDays(StartDate(),Today(),0000001) 
        /
        NetWorkDays(StartDate(),EndDate(),0000001)
    )
)

Be aware: This formula is based on custom NetWorkDays Monday to Saturday, and is using the Lookup Function 'Sum.' Also, the monthly target might be named differently in your data source. If you imitate the formula from above, make sure to select the NetWorkDays, lookup function, data source, and field relevant to your organization.

The parameter uses a syntax composed of 0 and 1, where 0 represents a workday and 1 represents a free day. For this parameter to work, you need to type in a combination of 7 digits - one per weekday.

The formula with custom NetWorkDays will split up the monthly target for each working day throughout the month. Make sure to select the 'Current month' time period on the widget. It will then display how much of the overall monthly target you need to reach on a given day.

Read more: Find out how to set up a Month to Date index in this article.

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