Goal Setting for your Business in 2020 S.M.A.R.T.
Its already January 14 2020, but not too late to set some new goals for your business.
Why set goals?
Successful companies set goals. Setting goals gives your business long-term vision and short-term motivation and purpose. Without them, businesses have no defined purpose and nothing to strive for; consequently, they stagnate and struggle for meaningful accomplishments. Goals are "stepping stones" to an end result. They must be present in every business plan, and become a regular part of ongoing business operations.
When does goal setting fail?
When goals are not clear, not realistic, or unattainable, employees will be resistant to the plans, avoid following directions, and generally be missing the necessary enthusiasm.
People do not commit 100% to goals they don't believe are meaningful as well as realistic and attainable. It is the responsibility of management to communicate the goals in a way that convinces the employees that the goals are achievable, and more importantly, that they matter. The more input that staff have, the better there will be "alignment" with all stakeholder interests, and the more likely the process will be successful. Organizational goals need full participation from all team members and to get that you need commitment. Staff want to be respected by being included in the process. Include them using "brainstorming sessions", working in pairs or small groups, and if possible, have them create the S.M.A.R.T. goals with you.
Here's a basic outline for setting and achieving goals this year using the acronym S.M.A.R.T. as a guideline. Lets look at the acronym in more detail.
Goals need to be "Specific": Well defined, clear, and unambiguous.
Who: Who is involved in this goal?
What: What do I want to accomplish?
Where: Where is this goal to be achieved?
When: When do I want to achieve this goal?
Why: Why do I want to achieve this goal?
Goals need to be "Measurable": with specific criteria that measure your progress towards the accomplishment of the goal.
A S.M.A.R.T. goal must have criteria for measuring progress. If there are no criteria, you will not be able to determine your progress and if you are on track to reach your goal. To make a goal measurable, ask yourself:
How many/much ? How do I know if I have reached my goal? What is my indicator of progress?
KPI's (Key Performance Indicators) are often used to measure progress. As an illustration, KPI for a sale person might be, (Number of client meetings), (Number of calls made), (Number of product trials completed) etc. Choose the KPI's carefully and make sure they are critical to the goal achievement. Get your staff's input on how they do their job's each day and what tasks are most essential.
Goals need to be "Achievable": Attainable and not impossible to achieve.
Do I have the resources and capabilities to achieve the goal? If not, what am I missing? Have others done it successfully before? Is there training required before we get started?
People do not commit 100% to goals they don't believe are meaningful as well as realistic and attainable. It is the responsibility of management to communicate the goals in a way that convinces the employees that the goals are achievable and more importantly, that they matter.
Goals need to be "Realistic": Within reach
Is the goal realistic and within reach? Is the goal reachable given the time and resources? Are you able to commit to achieving the goal?
Goals need to be "Time- Bound": With a clearly defined timeline, including a starting date and a target (finish) date.
Does my goal have a deadline? By when do you want to achieve your goal?
Finally, make sure to have regular check-ins and updates on progress, be positive and reward small successes throughout.
Hope this was useful and good luck in 2020! For a discussion on how we help your business grow and thrive in Japan or Asia Pacific, contact us. New Frame KK. www.newframe.jp