Why Are Setting Goals Important?
Setting goals is important because your company should have a purpose. The goals you set provide you with a sense of motivation.
Before we get into how you can set successful goals for let’s break down why goals are so important in the first place.
- They define success: Goals are key points to achieve success and goals define success and provide guidance for success. If you want your company to grow, you must set daily or annual goals.
- Keep teams aligned: Do you want to keep your company employees aligned? So, set goals! Goals keep your company employees together and motivate them. Thus, your company employees can enjoy their work!
- Maintain accountability: Goals are crucial to maintaining accountability. After you set your company’s goals, you can easily see what responsibilities you have and what responsibilities your company’s employees have.
- Increase Motivation: Setting annual or daily goals gives you motivation. Let’s say you have some tasks that you have to do 10 per day. Once you complete these 10 tasks , you will be a more motivated individual for the next day!
- Connect work to goals : All the topics we mentioned above are about work and goals. You should connect your work with your goals.
A goal is a specific, measurable, attainable, relevant, and time-bound outcome that you want to achieve. In other words, a goal is something that you can realistically achieve in a specific timeframe.
But what kind of goals should you set? Well, it depends on what you want to achieve. But in general, you should set both short-term and long-term goals.
✍ Let’s have a look at these now!
I. Find Your Business’ Goals, Strategies and Initiatives
A long-term goal is an effortful goal you set for your company. You and your company employees should strive for your long-term goals over a long period of time. Long-term goals allow you to set a core purpose (goal) for your company. In line with your main purpose (goal), your company employees work towards the goal, and this is a big step for your company to be successful. The important thing with long-term goals is to make sure they are realistic and achievable. There’s no point setting a goal that you have no hope of achieving. That will only lead to disappointment and frustration.
These questions are important to your long-term goals: What do you want to achieve or change in regard to the above priority in the next 1-5 years?
How should I motivate my company’s employees for my company’s long-term goal?
What are the main responsibilities of my long-term goals?
Some Long-Term Goals For Your Company:
1.) Increase your company’s profit rate by 20%
2.) Open new offices in 3 different continents.
3.) Increase your company’s advertising expenses and increase company awareness.
4.) Develop different products by the end of the year. 5.) Develop the company’s products
🎯 Short-Term Goal
Short-term goals are daily, weekly or monthly goals. You can reach what you want to achieve in a short time by setting short-term goals. One of the best things about setting short-term goals is that they can help you stay focused on the larger picture.
So, what should your short-term goals be?
Your short-term goals or your company’s short-term goals should be specific and realistic. You have to write them down and set a deadline.
These questions are important to your short-term goals: What benchmarks must be met to ensure that the long term goal will be achieved?
What are the main responsibilities of my short-term goal?
Some Short-Term Goals For Your Company:
1.) Recruit 10 new employees to the marketing department in the next 2 months. 2.) Promote your new product in the next week.
3.) Complete company daily files. ( such as; excel files, accounting files etc.)
🎯 Strategies: What general strategies or approaches you will use to accomplish your goals?
🎯 Initiatives: For each strategy, list the specific actions or resources you will use to implement it. Example: Organize a Board D&I training workshop
👉 There are lots of ways to manage goals, but Objectives and Key Results (OKR) is a helpful way to establish high-level, measurable goals for your business. If you want to learn more about OKRs these are more resources!
👉 Tips for setting clear business goals:
II. What are you trying to address? Define what you want to achieve.
If you know what you want to achieve but aren’t sure about the key metrics for your team, ConectoHub’s AI assistant can help you. Based on your strategic goals, our recommendation engine suggests the best metrics on the basis of company, department, and individual level.
III. Identify Your Goals And Priorities
It is important for every team to identify their goals and priorities in order to create alignment across the organization. By doing so, each team can work together towards common objectives and ensure that everyone is on the same page. This will help to improve communication and collaboration within the company.
With ConectoHub, every team knows their contribution to their company.
IV. Be As Specific As Possible
The results you expect to achieve by working on your Initiatives are called Key Results. They help you gauge whether you are getting closer to your Objective.
V. Don’t Confuse Key Results with Initiatives
The initiatives are the actions you will take to achieve the results. They are your hypotheses for how to make it all happen. As you progress on your initiatives, you need to monitor your key results to see if the initiatives are achieving the desired outcome.
With ConectoHub you can link tasks and projects to achieve these goals from ConectoHub or to your business outputs from other platforms that you are using.
Don’t worry if you don’t know how to designate the right metrics. With ConectoHub’s AI supported OKR system, the algorithm will help you determine the right target metrics based on your strategy.
If you want to develop your company with OKR, you can check out other blog posts!