Setting goals and objectives is an essential managerial function that is pivotal for the organization’s performance and growth. These goals and objectives are primarily influenced by the organization’s ultimate vision and set the targets, bars, and milestones as well as the approach and discourse for the year. Business goals do not only make growth targets, they can also be used as a means of uplifting the employees’ morale, dedication, and performance.
SMART Goal Setting – What is it?
The acronym circumscribes the complete definition and core essence of a SMART goal. A SMART goal is defined on the following 5 factors:
S –Specific: A SMART goal isn’t vague or ambiguous. It is sharp, on-point and concrete, unlike a mere illusion or a hypothetical idea.
M – Measurable: A SMART goal is quantifiable and can be conveniently measured numerically.
A – Attainable: A SMART goal is established based on the potential and strength of the organization, in terms of resources and the employees’ proficiency, to achieve the targets.
R – Relevant: SMART goals are relevant and established pivotal to your organization’s ultimate vision, and make the small milestones in pursuit of the bigger visions and goals.
T – Time-Bound: SMART goals are tied into a strict loop of time and must be accomplished within the specified frame of time.
Smart Goals – What Benefits They Hold?
The prime benefit that differentiates SMART goals from the ‘non-smart’ goals is that they are highly feasible in all aspects and hold a high probability of successful accomplishment. Here’s why every business organization needs to incorporate smart goal setting while planning and setting up a business strategy.
ü SMART goals are definite, sharp and precise. Their high specificity makes it convenient to monitor and evaluate.
ü A SMART goal is a complete plan and strategy in its entirety. They have a clear target and are feasible, relevant, time-bound and measurable. These minute intricacies efficiently elaborate on the ‘what, who, why, when and how’ of the goal and provides a definite and on-point plan of action.
ü The sequential and systematic plan of action of the SMART goals makes it convenient for managers to evaluate the progress and the efficiency of related tasks and performance.
ü SMART goals create a realistic illustration of success. They make is feasible for the managers and the organization to develop a strong and solid idea of success and also make this vision seem achievable.
ü SMART goals segregate your ultimate vision into smaller and more feasible goals. This way, it uplifts the employees’’ level of confidence and motivation and eventually fosters a culture of healthy and progressive competition.
Measuring the Efficacy of SMART Goals
Incorporating smart and automated workforce management system in your organizational management designs is a good way to measure, monitor and evaluate the efficacy of your SMART goals. The tech-driven and automatically functional algorithms of the system keep a stringent check on the regular performance, productivity of the employees and provide an accurate and real-time insight about the status of tasks and operations. This regular vigilance of operations ensures that the organization keeps up with its requisite pace of performance and growth and eventually makes it to the target in the specified period of time.