Goal setting: step one in management by objectives
Research found that 68 out of 70 organisations examined in various studies
enjoyed productivity gains as a result of management by objectives. Goal
setting is the first step in management by objectives.
Research on goal setting shows that it is a very powerful technique to improve
individual productivity and organisational effectiveness.
Yet many CEOs are not personally goal oriented.
Goals give us focus, get us going, add to our resolve and lead to actions.
A common element among high achievers is sharing goal-setting behaviour.
In writing goals, high achievers are prepared to risk failure – and the demands
of success.
Setting achievable corporate goals
Before you can begin goal setting, it’s essential to create a blueprint for how the
process will unfold. We recommend five points in the company plan:
- Mission statement
- Vision statement
- Fiscal year priorities
- Strategies
- Monthly monitoring and managing meetings.
Beginning with a mission statement, each step flows into the next – and goal
setting begins after the mission and vision statements are finished. The process
needs to be simple. The more complex it is, the less people are enjoying it.
Effective goals are SMART goals
To be effective, goals should follow the “SMART” format. That means they
should meet these criteria:
Specific
Measurable
Achievable
Results oriented
Time sensitive
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