The end of the current year and the beginning of a new year is an excellent time for a business to set future goals. Top companies have yearly goals, and they also have long-term goals, which can include 2 years, 5 years and 10 years, and they create a set of milestones for the company to meet to keep growing and expanding in the market.
Setting goals is challenging, and it may seem as if there are variables that come into play that may make it even more of a challenge. However, even in an uncertain market, there are specific achievements and objectives that any business needs to make to continue on a positive growth path.
To make goal setting easier and more customized to your business, there are a few steps that the business owner, manager, and leadership team members can take to prepare to set goals that are both realistic to achieve but also offer the opportunity for stretch goals to maximize growth or change potential.
Complete a Year-End Review
One of the reasons that many people find goal setting difficult is there is no baseline data to draw on to determine effective goals. In other cases, last year’s goals are never reviewed and considered, so the exercise of goal setting is seen as a “make-work” type of task.
Completing a year-end review that highlights productivity, business growth, potential challenges, or any deficits in productivity, revenue generation, or production creates an understanding of the specifics of the operation and business.
Comparing what went well and where improvement is required generates options for improvement that can form the basis of goal setting for the upcoming 2020 year. Failing to do these comparisons and data collection results in goals that are a guess at what can be accomplished, which can lead to frustration and a sense of discouragement if goals are inflated, or a lack of initiative if goals are set too low.
Feedback From Leadership Teams
Dedicating a leadership team meeting or a series of interviews with managers, supervisors, and department heads can be highly effective in understanding more than just the data.
The data only shows the numbers, not the reasons behind the numbers. For example, was low production due to staffing difficulties, challenges in obtaining materials, or issues with equipment failure and unscheduled system downtime? Knowing this information can be instrumental in setting goals across the company. These interviews can provide a clear picture for employment and human resource goals to planning the replacement of old and outdated equipment or reviewing the choice of suppliers and vendors and finding a more reliable company.
There are different options in free survey creation programs available online, and these make it easy to survey your entire workforce. Asking employees what they would like to see changed through these surveys not only increases input and communication but also includes the entire workforce in the development of goals for the upcoming year.