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Have you already decided on your (business) goals this year?
In our previous SMART post we discussed the concept of SMART method and its advantages in life and business. You can read about it here:
Let’s just review the possible benefits of making any goal SMART:
- Focuses teams on specific tasks. A specific and realistic goal is easier to break down into tasks to achieve it.
- Allows you to evaluate how close we are to the goal. It is convenient for teams to track the result when the goal is measurable.
- Simplifies team communication. All team members know what result the company is striving for, no time is wasted on explanations.
- Increases the chances of success. The SMART method simplifies the goal-setting process and the probability of setting the right goal increases markedly.
What to consider when setting SMART goals:
The future development of the company depends on the correct setting of goals – how quickly we grow, enter new markets and outperform competitors. It is impossible to formulate ideal goals the first time, it is important to correct mistakes and set new goals based on the company’s previous experience.
The most common mistakes when setting SMART goals are:
The goal should be in line with the company’s capabilities. Strive to improve performance is good, but it does not mean that you need to set impossible goals for the team. The problem of inflated expectations lies not in the formulation of the goal, but in how the company correctly estimates its resources. If a brand has only three seamstresses, the goal of “increasing the company’s profit to 100 million rubles per year” is greatly overestimated.
The goal should drive the company forward and be in line with the company’s strategy. If the main income of the company is from the release of monthly collections, it is in this direction that the main efforts should be invested.
Lack of flexibility
In the process of achieving the goal, many things can change: unforeseen circumstances, competitors have launched a new product, or a crisis has occurred. It is important to analyze the situation in time and adapt to changing circumstances. A SMART goal is not a commandment, it can be abandoned if necessary.
Lack of motivation
Specific people work to achieve the goals, so it is important to take into account the human factor. For employees to achieve results, they need specific and achievable tasks, as well as a favorable atmosphere within the company.