Are you someone who lives their life out of whims or who designs the life they love?
Goals are powerful tools that can keep you focused even when the going gets tough. It’s a proven fact that people with goals have had a favorable outcome in their life compared to their counterparts.
“A Harvard professor once asked his students about their goals after graduation to which only 3% stated that they had any. Meeting them 20 years later, this 3 % were the ones who were the happiest. Not only that, their wealth was greater than the rest of 97%.”
We’ve all heard of SMART Goals (if you havent, check the infographic below)and how they should be used as a guide to craft our goals in life, business and everything else.
Using that as a base, Mr. Binay Devkota- CEO at Clock b Business Innovations highlighted 5 key points that a founder/ CEO should consider while setting goals for their business.
1. Consistent with the vision: Whatever the vision of the company, the goals must always facilitate to meet those visions. If the vision of the company is to become the number one media company, then the goals should complement the vision and be related to the online media presence. On the other hand, the goals for the FMCG Company who aims to become the number one supplier of particular goods can be related to increases in production, assets, and employees.
2. Followed by an action plan. Goals without a plan are only wishful thinking. A well-constructed goal must be justified by an equally descriptive and logical action plan. The action plan helps you to divide the goals into bite-size achievable objectives. Example: if the goal is to attain 10,000 likes on Facebook by next year, the action plan includes steps that can help attain those goals. The actions may include page boosting of $25 monthly, increase the quality of the content, improving SEO and using video content.
3. Relate to one growth aspect of your business: These aspects represent one area that the organization should grow in. Example: Among the several goals for your business, Goal 1 can be related to the increase in profit while Goal 2 can be increased in the production efficiency.
4. Communicated to all employees. Clearly communicated goals help employees see their efforts and contribution in the larger picture making their work meaningful and fulfilling keeping them motivated in the long run.
5. Be iterated. With dynamic market conditions, goals can become irrelevant or you may realize that the business can achieve far more than originally estimated or even that the goals no more align with the business vision. It is up to you to iterate the goals and make them significant to your business vision.
Have you set up goals for your business and made an action plan for it? If yes, share them with us in the comments section.
This article is part of the BLincubator series that will be published each week. It summarizes key points from the training sessions from the program.