Building a Strategy and Goal Setting
Every business and individual should have goals to be successful. The best way to achieve goals is to develop strategies that serve as a roadmap to guide you toward achievement. The better the strategy, the more likely you are to achieve your end goal. Building a strategy aligned with goals is a foundational part of achieving success in business.
What is Strategy?
A Goal can be defined as the objective of a business plan; it is a clear statement of an outcome to be reached within a specific timeframe. While Forbes conceptualizes Strategy as an approach you take to achieve the goal; it is the combination of all the decisions and actions to accomplish the business goals.
The Importance of Goal Setting in Business
- Goals Give You Direction. Employees want to know what management expects them to accomplish, and goals provide that direction. Well-defined goals assist in making decisions. They focus attention on achieving desirable outcomes. Therefore it’s important for managers to clearly communicate goals so that everyone in the company is working in the same direction.
- Goals Give You a Way to Track Progress. A business can see which areas they are succeeding and which areas they need attention by looking at how closely they are achieving their goals. Establishing metrics for monitoring achievement and using analytics to evaluate results in real-time can help managers effectively track progress. Waiting until the end of the quarter is too late. You need to be able to monitor results daily.
- Goals Keep You Accountable. Goals give employees clarity as to what results are expected. Managers can then hold employees accountable to take the necessary steps to achieve their goals. Alternatively, falling short of the goals can compel employees to work harder or managers to evaluate what may be hindering achievement and then take corrective action.
- Goals Are Motivating. Small victories motivate and keep employees on the right path. Each one is a win. Such achievement inspires the team to set out for the next goal. Therefore it’s important to communicate frequently about the status of goal achievement. Make sure everyone is informed and working together as a team.
The Importance of Building a Strategy Around Goals
- Gives Direction. A well-planned business strategy will ensure your entire organization is working towards the same goals. It prevents individuals from losing sight of their company’s mission and how the goals are in service to that overall objective.
- Creates a Measure for Success. Business strategies allow you to measure your performance and growth against your desired goals. Alternatively, it helps you to identify areas that require improvement in the future.
- Increases Adaptability. Businesses need to be responsive to change. A strategy helps you to predict and meet the changing demands of the current market. But it also needs to be flexible. In this way, you can modify and develop tactics to suit changing dynamics or unexpected outcomes.
- Drives Decisions. By helping organizations identify their strengths and weaknesses, a strategy will help you decide where your efforts and resources are best utilized. Such decisions are crucial in ensuring that your business has a profitable and sustainable future.
The SMART Strategy of Goal Setting
Goal setting is easy, but achieving them is not. Project Smart suggested specific strategies for achieving them:
- Make SMART Goals. The first step in making your goal a reality is to make it SMART – Specific, Measurable, Achievable, Realistic, and Timely. SMART goals help everyone understand the direction that your business is heading.
- Align Your Goals With Your Values. Set goals that are meaningful to your organization’s mission and values. Goals that reflect the company’s beliefs and character. When there’s a misalignment, you should question the reason for the goal.
- Share Goals With Your People. If your employees have a clear understanding of your goals, then you will find support in achieving those goals. Communicate clearly and often so that everyone is on the same page.
- Assemble Everything You Need Before You Need It. Create a complete measurable action plan that includes all the steps and resources necessary to achieve your goal. Planning takes time but it’s less expensive to build out a plan that failing to execute an ill-conceived strategy.
- Minimize Potential Changes. Stick to your plan but regularly evaluate your progress. Anticipate the need to make changes and adjustments so that you won’t get blindsided. Make sure to get feedback from the people executing the plan. You’ll get more buy-in if people feel ownership in the plan.
- Complete at Least One Action Per Day. Accomplish a task daily. Consistently, it will propel you towards your goal. If your goals and strategic planning are stuck in the meeting phase, it might be time to reevaluate if this is a direction you should be heading. Strategies should be actionable and not so overly ambitious that they stall out.
Any organization who wants to succeed needs to set goals. It will provide focus and direction. To accomplish those goals, you should use the SMART system to make them actionable. If you’re consistent in your executive, measure your progress, communicate clearly and adjust as needed, you’ll be well on your way to achieving your desired outcome.
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