You’ve probably set goals before, but are you sure they’re the right goals? Are they just for show, or are they actually going to help your business succeed? If you’re looking for an easy and organized way to keep your office team on track, you’re not alone.
Performance management is an ever-changing, ever-present subject in the business world. Both employers and employees are constantly on the lookout for efficient ways to enhance customer engagement and note company milestones.
Just like the evolution process in the wild, businesses that fail to adapt to the changing dynamics of performance management have seen their fortunes dwindle. Those that have embraced the change have flourished. One of the best ways to keep track of your business and work toward progress is with SMART business goal setting.
Borrowing a Leaf from the Guru
Google’s objective and key result setting (in collaboration with SMART business goal setting) provides a vital lesson worth emulating to spur growth in your business. There is no better way of learning than emulating a success story. Google has annihilated its competitors to the extent that their brand name has become synonymous with conducting a web search. This isn’t a sales pitch for Google, but it is a vivid example of the power and value SMART goals can bring to your business.
How smart is the SMART acronym?
We have all been on the goal-setting path before. Be it in life (New Year’s resolutions ring a bell?) or in your start-up enterprise, I bet you remember the feeling that comes with either fulfilling or falling short of achieving your goals.
As Benjamin Franklin aptly observed, “If you fail to plan, you are planning to fail!” Setting SMART business goals is the first step toward revolutionizing and realizing your business goals.
The acronym SMART is a word coined from the first letters of traits which indicate a carefully considered, well-crafted goal. These traits are:
- Specific: Every relevant detail of your business goal should be defined precisely. That includes your destination, likely challenges along the way and methods to reach that given destination.
- Measurable: Quantifiable indicators will facilitate visual performance of the business. Numbers provide a good yardstick as opposed to colorful phrases like “enhanced services” or “more customers.”
- Attainable: Business goal setting should take into consideration the prevailing market dynamics so as to set achievable goals. This shouldn’t be misinterpreted into lowering the bar standards.
- Relevant: The business goal should add value to your enterprise. Stick true to the core mandate of your business enterprise.
- Timely: Expected date of completion of the desired specifics should be defined during business goal setting.
Operationalizing the SMART Goals
As earlier noted, coming up with a well-crafted SMART objective is just the first step towards revolutionizing your business goals. Breathing life to the SMART objectives is a whole different ball game which will require the concerted effort of every team member. Below are some few tips to ensure the realization of SMART goals:
- Share the goal with the team and delegate responsibilities as needed.
- Encourage frequent feedback and periodically share the team performance.
- Make use of the data as you work towards your target. If you notice that there is room for improvement, tweak the process to make the process more efficient.
If you are having trouble coming up with SMART objectives for your business, we can help. At Ironmark, we will take your business passion and make it our business. We can help draft SMART business goals, provide professional advice on performance improvement and provide constant monitoring and evaluation of the goal implementation process. Reach out to us today.