If you think about Performance Management in isolation from your business objectives, then I think you are making a big mistake.
The 2 concepts are two sides of the same coin – you can’t judge performance without being clear on objectives. And there is no point having objectives unless you measure performance.
The big learner here is “Your staff are not responsible for achieving your business goals – you are!
Of course each individual will have responsibilities but if you are not satisfied with what’s going on, then its your responsibility to do something about it.