The first thing that most MBA graduates like myself think of when a discussion about goals comes up is “smart.”
Think smarter…not harder.
I will talk about SMART goals in my next post…today I just wanted to show you why goals are important in the first place.
Those who fail to plan plan to fail
1. SMART goals can improve public relations. Potential clients, vendors, and partners can see the benefitsof working with your company. Investors, shareholders and lenders can make better decisions about the company because they have been assured that everyone is pulling in the same direction.
2. SMART goals establish identity. Established goals help you decide how to distinguish your company from competitors and impacts your positioning or niche within the marketplace.
3. SMART goals facilitate planning and allow you to start working on tasks that actually support your mission.
4. SMART goals help the company understand whether the firm is successful or not. Having measurable goals allows an organization to compare its actual performance to its goals and then make any necessary adjustments.
5. SMART goals improve productivity. Each employee now knows what needs to be accomplished both in the present and in the future to reach these goals. Employees can now direct their actions and efforts toward goal-related activities instead of unrelated, unimportant, non-strategic activities.
6. SMART goals make it easier to make decisions. Having a well-defined mission statement and goals lets you confront the decisions you’ll face with greater confidence and a greater chance of success. Goals give you a framework within which to work and eliminate uncertainty and actions that won’t contribute to achieving the goals you’ve set.
7. SMART goals provide motivation. Looking at your endeavor from a broader perspective gives you greater confidence in what lies ahead Goals that have been achieved are cause for celebration. SMART goals provide cohesion. Each employee and department understands the meaning behind an organization’s activities. Having well-defined goals enables employees to be consistent throughout each department and encourages communication and cooperation among people in the organization.
8. SMART goals provide direction and set the course for a company. Carefully established goals help you clearly define and understand where you are and where you want to be.
In the case of an entrepreneur or sole proprietor having goals ensures that each activity or task— such as research and development, marketing and service—works toward one common goal.
9. SMART goals provide focus. Goals enable you to understand how smaller decisions will impact largecgoals. Goals also focus attention on achieving desirable big-picture outcomes and channel brain power toward finding smarter solutions to the “small fire” issues when they come your way.