The Importance of Setting Goals in Business
On a personal level, goal setting is important in identifying where you want to go in life and determining steps along the way to ensure your desires are achieved. As explained by Positive Psychology, goal setting helps to trigger new behaviours, guide focus and sustain momentum that avoids the feeling of being stagnant or bored.
At a business level, goal setting can lead to greater success and performance, and keep employees motivated as well as providing a sense of achievement once goals are reached. Find out more about why goals are important, how to determine good business goals and how best to achieve them.
Marino Sussich is an international business expert that is experienced in the industry with a widespread knowledge of what it is that leads a company to success. Sussich understands the importance of goal setting and ways to ensure they are achieved.
Why set goals?
Just as personal goals assist in maintaining focus, momentum and personal success, company goals are essential in maintaining motivation as a business. Well-set and well-communicated goals ensure all employees and managers are striving towards a common endpoint, so all can work as a well-oiled machine to reach success.
In a 2019 report by Gallup State of Global Workplace, within Australia and New Zealand it was found that only 14% of employees were engaged, while a large 71% were disengaged and 15% actively disengaged. Company goals ensure that employees remain motivated and engaged in their work, providing direction and a sense of purpose.
How to determine business goals
As explained by the Australian Government, goals should be SMART: Specific, Measurable, Achievable, Relevant and Time-bound.
- Specific
A goal that is specific ensures that you are clear about what you actually want to accomplish, and will therefore have a better chance of achieving it. Be aware of what it is and why it is important.
- Measurable
If a goal is measurable or quantifiable it ensures that you can easily keep track of progress and identify what is left before success is achieved. Understand what the marker for success will be.
- Achievable
While the selected target should be challenging and push you and your business further, if it is unattainable it will be difficult to maintain motivation, ultimately leading to disappointment. The necessary resources and method with which the target will be reached should be determined.
- Relevant
Any objectives should be definitely in line with the overall direction you would like to move in, and relevant to any other efforts that are being made to succeed. It should be the appropriate time to strive towards this goal, as well as being one that is definitely worthwhile.
- Time-bound
A timeframe in which to achieve a goal is important to ensure it is not forgotten, and to maintain motivation. It is also easier after a deadline is reached to measure whether the desired results have been achieved or not.
5 steps to achieving business goals
Once goals have been determined, it is time to ensure that the appropriate steps are taken for them to be reached.
- Clear communication
Once the target has been decided, it is relatively useless if you are the only person aware of it. Ensuring that all goals are clearly communicated to the entire company will mean every employee or team member understands the direction they should be moving in, keep their actions in line with this and remain motivated.
- Make goal tracking visible
By placing company goals in a visible space whether it is in a newsletter, on the dashboard of the office or in a weekly update email, yourself and your employees can celebrate progress and understand how much more needs to be achieved.
- Define milestones
Along the way, smaller milestones should be determined so that the overall goal progress is easier to keep track of. This will also maintain motivation and ensure hard work is celebrated all the way to the final endpoint.
- Ensure projects are clearly connected to goals
Any smaller projects or tasks that are worked on by team members should be relevant to the final goal that is in sight. This is another way to maintain energy and create a sense of purpose for even the smallest of tasks.
- Celebrate success
Celebrating each smaller milestone towards the achievement of the greater target creates excitement and a sense of accomplishment that ensures employees remain energised and engaged.
Rewarding specific people or teams that stand out with their achievements also assists in maintaining encouragement and pushes others to work harder in the hopes that their work will also be recognised.
Business success with Marino Sussich
If you are in need of further guidance to ensure your business is operating at its best and achieving success, Marino Robert Sussich is an expert in the field. As a highly qualified business consultant with more than 20 years of experience, he can take your company to the next level with implementation of advanced business techniques.
For specialised business advice, contact Marino Sussich today.
