To have better chance to achieve company objectives, it is important to choose the right method of objective setting. You can do it via the SMART approach:
Set SMART objectives
The term SMART was first introduced by George T. Doran: “There’s an S.M.A.R.T way to write management objectives and objectives”. Using the SMART method provides a clear & simple way to define and manage company objectives.
Specific: There is a higher chance of achieving a specific objective than a general objective. Be clear on what exactly needs to be achieved by writing down objectives that responds properly to the five “W” questions:
- What does the company want to achieve?
- Why is the objective important?
- Who are those involved?
- Where will the objective be achieved?
- Which resources will be needed to achieve it?
These questions will give clarity on what the objective is about.
Measurable: How will you know if the objective has been achieved? The objective should be trackable with a clear exception. Being able to track the progress of the objective will help the whole company stay focused, meet the deadlines and also remain motivated. An measurable objective should be able to address any of these questions correctly:
- How much?
- How many?
- How will I know when it is accomplished?
Achievable: How realistic is the objective? Can it be achieved? Achievable objectives have the tendency to be more successful. It should stretch abilities, but at the same time, it should be possible attainable.
- How can this objective be accomplished?
- Considering other factors, how realistic is the objective?
- Is the objective achievable within the time frame?
The questions above will help in considering influence, resources, and the work environment in achieving the objectives.
Relevant: Does this objective have a potential to impact your company’s vision and values and future? When setting a objective, it should be instrumental to the mission and vision of your company. The objective must mean a lot to the company success path.
- Is it solving an issue?
- Is it moving everyone forward?
- What questions is the objective answering to?
A objective that is relevant will be worthwhile, will match efforts and needs, and it will be the right time to achieve it.
Time-bound: A objective should have a deadline to focus on and with something to work toward. This will enhance priorities and eliminate waste of time and most probably resources. When an objective has an end date, the focus will be on it and not on daily activities that can affect the long-term objective. For every objective, includes a specific time frame, specific date, mile stone or something that can indicate when it will be finalized.