Setting goals is a fundamental strategy for any type of business. It is through this purpose that the team develops engagement and works towards reaching a previously defined target. But in practice, how is it possible to make a goal management efficient?
We prepared this article with the objective of assisting the management process your business goals.
We’ll show you practical tips to help you understand the importance of setting smart goals, realistic and challenging employees. We will also have a number of examples of a company's goals.
This way, you will encourage your employees to achieve their goals with more determination.
Continue reading and discover our tips!
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x tips for implementing effective goal management
1. Build a relationship of trust
Before starting to think about the issues related to how to set company goals, it is necessary to take a step back and analyze what the relationship with your team is like.
This factor is extremely important. It is through a relationship of trust and respect that the entire strategy for building goal formation and management your business.
But, after all, what does that mean?
This means that your team's engagement is based on trust and belief in the values of your business.
it is necessary that you perform an efficient team management so that your employees believe in the company, its values and its purpose. This relationship is directly linked to the next tip.
2. Involve the team in setting goals
Goal setting should not be done only by managers. The participation and integration of the team is essential so that all professionals involved have the opportunity to add knowledge and information during this process.
Thus, it is essential that every manager involves his employees in the constitution of the business objectives.
As they are professionals working in the market, they deal with customers and suppliers daily, they know the reality of the companies (strengths and weaknesses), they have a lot of knowledge and information to add in this stage of work.
Furthermore, this strategy is very important! It presents the professional with an opportunity for engagement, demonstrating that the company is interested and values the participation of professionals in the strategic context of the business.
These factors contribute so that the employee understands and integrates all the processes. And this, strengthens the link with the company and they will start to see viable solutions in the long term.
3. Set achievable goals
When it comes to setting goals, one of the main mistakes of managers is to believe that goals must reflect a reality that is often utopian and that does not match the reality of the company, the market or the economy.
So, when doing goal management, you should keep some key issues in mind.
Examples of a company's goals:
- how much does the company want to bill?
- is there a market to achieve this revenue?
- is this growth feasible?
- is the team able to reach that goal?
If the answer to any of these questions is different than “yea” it means that the planning is incorrect and must be redone.
It is a waste of time to set impractical goals simply because those goals will not be achieved and will bring frustration and discontent to everyone involved in the process.
So, be careful when setting goals. Try to set real goals that cannot be easy, but should not be impossible either.
When employee goals are unattainable demotivate the team. In the long run, those involved no longer believe in it and their entire plan suffers negative effects.
Remember to take important aspects into account when setting your goals. Like for example:
- current economic situation;
- Marketplace; and
4. Offer constant feedback
After set goals and engage your team, putting its action into practice, it is essential to adopt procedures of monitoring of results.
To achieve the objectives, it is essential that the manager gives constant feedback to employees, checking the level of engagement and effort of those involved.
These feedbacks are an important part of goal management, after all they are an opportunity to align actions with professionals and check possible situations that were not foreseen and that may have arisen over time. It is an opportunity to:
- promote learning within the organization;
- align actions;
- check the progress of the strategies.
In addition, it is also an important time to strengthen the goals and the involvement of employees.
5. Invest in the OKR methodology
Objectives and Key Results, also known as OKR, is a methodology that assists in the organization and distribution of priorities within a company. When properly applied, OKR divides efforts between those involved and avoids wear and tear.
It can be seen as an example of goals and objectives. It is a simple approach that aligns actions and engages through the establishment and management of achievable goals.
This methodology became famous for having supported the growth of the giant Google, a company that started its activities with 40 people 19 years ago and now has more than 60 thousand employees.
In literal translation, OKR means Key Objectives and Results. And through this name, you can better understand how the methodology works, which is based on an OKR formula:
COMPONENT 1 : Objective – “I will”
COMPONENT 2 : Key result set – “measured by”
Each of these components has a very specific and easy to understand concept:
- Component 1 – Goals: succinct statement of the direction the company wants to take. An objective should be clearly described simple and clear so that anyone can understand it and understand its impact.
- Component 2 – Key results: GOALS that directly agree with the achievement of the objective.
The application of OKR is focused on the establishment of real, clear and simple objectives so that, thus, they remain in the memory of employees, who go naturally direct your actions within the company to achieve those objectives.
In this context, the Key results are used to indicate whether the objective has been achieved at the end of the period of application of the methodology, which is usually quarterly, half-yearly and annual.
Undoubtedly, it is an efficient methodology and a very effective communication and management tool since it allows the alignment of efforts and the creation of focus on the team.
Goals are an essential tool, regardless of the management model of your business, as they help to maintain the company's growth and focus on achieving your goals.
Goal management ensures clarity as to the actions being taken and develop the engagement of professionals.
Have you ever stopped to think about the metrics of your business and what actions have you taken in managing your company's goals?
Read more at: 5 key HR indicators to optimize results
Need to improve your business results? Contact HR Consultant UK and find out how we can help with this process. We are a Human Resources platform that reduces the time spent on HR activities and people management and optimizes your processes. Talk to an expert and find out how to reduce your HR costs by 30%.