It’s important to set goals and objectives as part of your organization's strategy. Keeping in mind that goals are high level and speak to purpose and the ideal state, and objectives need to be obtainable or SMART. Most of us have seen this in the past but it is worth repeating. SMART is an acronym for Specific, Measurable, Attainable, Realistic, Timely. Goals can be thought of as broader in context. “If I miss a goal it can be redefined or restated. If I miss an objective, it potentially changes our business strategy.”
Is it possible to commit to multiple goals? In a recent publication from the Journal of Consumer Research the study shows that multiple goals creates confusion and lack of commitment. The outcome is high stress levels and missed target dates. In the case of multiple lines of business with different goals, I believe this is obtainable as long as there is one goal per line of business and they aren’t dependent on the goals set by other groups in the organization.
Objectives are time constrained which makes them measurable by default. In some cases these results can link directly to the bonus structure or performance appraisal, so making objectives obtainable is also critical. So the challenge is making an objective obtainable but still challenging. Without the challenge where is the desire to succeed?
Buy-in is the next challenge when defining goals especially when there are multiple stakeholders involved in the process. To maximize team buy in, involving the team in developing potential goals and objectives, examine benefits and risks, culminating in a goal that the entire team is comfortable presenting to the c-level suite. As we discussed in the previous blog a yearly planning meeting could be the solution you are looking for in order to establish SMART objectives for that fiscal year.
I believe goals to have a longer term lifecycle, such as expanding business to include other provinces. There are still variables but as goals they aren’t as critical. Expanding to other provinces might have caveats such as market growth in that province or resource availability. There should still be a Plan B or even Plan C that we can revert back to in order to reach our long term goals.
If your company needs help in defining goals and objectives, then develop a plan to execute reach out to Heather Cartwright: firstname.lastname@example.org let the planning begin.