GOAL SETTING

Why Goal Setting Works!

How and why `Goal Setting` works and how it breeds success.
This article may be only words, but put them into action and you will be successful. If you have the drive and passion to be successful, read on.
It's official: we can accomplish more and go farther if we dedicate ourselves to written goals, keep the goals on our corporate and personal radar screens and follow through on the steps required to make them happen.
Most managers in my experience enjoy productivity gains as a result of management by objectives. Goal setting is the first step in management by objectives. This process creates a better future to inspire people to do more.
Research on goal setting shows that it's a very powerful technique to improve individual productivity and organisational effectiveness. It creates a long-term vision to set broad purpose and direction, which will create more `profit`.
Goals give us focus, get us going, and add to our resolve and lead to actions.
These actions create a better future for the individual and the company, which equals improved profit to share with the individual and shareholders.
A common element among high achievers is sharing goal-setting behaviour. In writing goals, high achievers are prepared to risk failure and the demands of success. Sharing will create an effective and efficient individual and team.

Setting Achievable Corporate Goals
Before you can begin goal setting, it's essential to create a blueprint for how the process will unfold.
I recommend five points in the company plan:

• Mission statement
  
• Vision statement
  
• Fiscal year priorities
  
• Strategies
  
• Monthly monitoring and managing meetings.
  

• Specific
  
• Measurable
  
• Achievable
  
• Results orientated
  
• Time sensitive
  

Overdoing Financial Goals? Often, CEOs fall prey to the allure of setting only financial goals. That compromises the other reasons they are in business, such as employing people and contributing to their communities. Think long term to get the best results.

Corporate Goal Categories are about goals in four areas, financial, customer service, employee-based (learning and innovation) and internal business process. Other categories, including image and reputation, community relations/philanthropy, sales and marketing.

Whichever categories you choose, or if you customise them for your own organisation, the final product should reflect your corporate purpose and path.

Setting Employee Goals; whether it's better for employees to set goals in a particular environment, or for them to set goals by themselves, or whether they do best with assigned goals. I have found: No one method seems to be better than the other, in terms of outcome and performance. But, setting personal goals must align to the Business Plan.

The more closely a manager can match the employees' wishes with the goal-setting style, the better the chances for an outcome everyone seeks.

Linking Monetary Incentives to Goals. Bonuses and other pay-for-performance incentives are gaining in popularity, but they work only under certain conditions. Enjoying the `job` must be the first priority, without enjoyment; there will be no long-term retention of employees or profit.

The performance goals are actually under the employees' sphere of influence.
The goals can be quantified, then measured.

Frequent, relatively large payments are made for achieving goals.

If these three conditions aren't met, undesirable outcomes are possible. Other studies have shown that quality suffers when quantitative goals are given highest priority.

Leadership in Goal Setting. Goals are only worth the paper they're written on if leaders don't bring them to life for the organisation. Leadership should have belief in the ethos of the company, drive the aims of the organisation and the development of its people. This will create a great future.

It is the CEO's responsibility to bring passion to the mission. When I see CEO`s who are passionate about the mission statement, it lights everybody up. If the CEO's not, neither are they.

Cascading Goals in the Organisation

I often find that there is a "disconnect" between what an executive staff understands about an organisation's goals, and what the CEO believes they understand. In many cases, the staff doesn't even know what the goals are.

Here is the term, "cascading goals", to describe the process of adopting goals at different levels in a company. Like water over a cliff, goals must spill over and "cascade'' throughout an organisation to be implemented.

Cascading creates horizontal alignment in a company. All the executives at the same level need to gain agreement about what they will do to support the CEO's vision and minimise conflict.

How Cascading Works. Once the vision and main categorical goals are set at the CEO and managerial level, select a person who will champion the process of cascading goals. He or she works to ensure that each department will create goals and action plans that support the goals of the company's leadership.

Communicating Goals.Updating people on their progress is critical. Goals must be visible and repeated to keep the commitment alive. Besides scheduled meetings, goals may be touted in: monthly e-mail messages, company newsletters, bulletin boards, and "surprise" coffee breaks, among others.

Ensuring Goal Implementation

Action Plans. When everyone returns to their jobs after goal setting exercises, enthusiasm for the goals can be buried by the demands of day-to-day business. The first step is to develop action plans based on the goals-complete with incentives and consequences for non-performance.

Accountability. Discussing consequences is critical in any goals-to-action plan. Often, the team that works on the goals in the earliest planning stages determines the consequences.

Peer pressure creates such an intense expectation of performance that it causes action. The perceived humiliation of removal from the team is so great that most people act.

Monthly Management Meetings. Once your goals and action plans are set, I recommend scheduling monthly management meetings to monitor progress. The original planning group should meet for a 90-minute session to recap the previous month; acknowledge progress and examine shortfalls; amend the plan if it needs to be changed; and, clarify the action plan for the next 30 days.

Coaching for Goals. Implementing goals that were set months ago requires discipline. The planning group has to follow through with their direct reports. The managers need the discipline to make the goals a priority over day-to-day firefighting in a business.

When Goal Setting Goes Wrong

How often have you set goals that are then set aside? Examine roadblocks if you have a pattern of abandoning organisational or corporate goals.

Commit Goals to Paper. This may seem obvious. But, I am surprised at how often goals are stated but not written down.

Stumbling Blocks for the CEO. Goal setting is not for the faint of heart. It's not for the passionless, either. I suggest that the CEO spend some time weighing vision, goals and priorities alone or with an advisor, before inviting trusted managers and employees into the goal setting process. And if a working group goes off-site to do visioning, goals setting and planning, don't forget to allow for resting and relaxing as well. The ability to listen and discuss at all levels inspires people to do more.

Ten Organisational Roadblocks

• Lack of clear-cut responsibilities around the goals
  
• Lack of a tracking system
  
• Lack of an accountability system
  
• Lack of buy-in from people who are expected to fulfil the goals
  
• Ineffective communication
  
• Lack of time or resources
  
• Too many goals are financially driven
  
• Focusing on too many or too few goals
  
• Goals aren't tied to a longer-term vision
  

Fearing Failure, Commitment. Fears can play a role in our failure to make-or realise - goals. Goal setting is basically making a commitment. Fear of commitment is prevalent in the world. If I don't set a goal, then I'm not accountable for it. That's a subconscious tactic for avoiding goal setting.

I believe the fear of failure is more of a reckoning with the "cost of success."

Once I'm a winner, I have to continue to win or I'll be a bigger loser in everyone's eyes. That's an unconscious thought, but it's a very real one.

Improving Your Life with Personal Goals

I lead a life filled with passion. I believe it's because I have mastered the art of goal setting and realising those goals. Experience it and you will understand.

It makes for a very fulfilling life. I spend virtually 100 percent of my time in four areas. They are my family, personal health and fitness; my business and clay pigeon shooting.

I find that many executives don't spend time with their spouse, and don't do the things that create intimacy in a family. But I believe we can "soar with the eagles" by acting on our passions, if we are honest with ourselves about what those passions are. Experience life!

Start with "Master Want List". If living that kind of life sounds appealing, it all begins with a little list called the "Master Want List.''

Questions to prompt you: What do you want to do with your life? Who do you want to meet? What new activities do you want to try? What experiences do you want to have again? Where do you want to go? What do you want to learn? What do you want to improve? Who do you want to spend more time with?

How Will You Benefit? Choose from the "Master Want List" the goals you would like to pursue and give yourself a timeframe. Next to each goal, indicate how you will benefit from completing it. That's a prime motivator.

Framework for Personal Goal Setting. I approach personal goal setting in a way that mirrors business goal setting. I recommend starting with a personal mission statement, a personal vision statement, and the goals for the next 12 months, annual goals, and an action plan with strategies for success. Use your birthday as the date that you review your goals and set new ones.

The Quantum Factor: Beginning With Yourself

Many of us have achieved success based on an external focus, an ability to accomplish what we want outside of ourselves. I have proven that we can make quantum leaps simply by focusing on ourselves first. Try it.

If you want to have a better business, become a better person. If you want to create new markets, become a better person. If you aspire to greater spheres of influence, become a better person. You can, if you want to.

I contend we can make quantum leaps by creating quantum goals.

The G-Curve. I began studying people who have made dramatic improvements in their lives, I noticed that they seemed to do so at 18-month intervals. I call this year and a half period the Growth Curve, or G-Curve. As a result: If you can stay disciplined and focused on your goals for 18 months, you can experience major breakthroughs in your life. Try it, it works.

Creating Quantum Goals. A quantum goal is reachable, achievable, but beyond your current expectations. "Quantum goals aren't unrealistic -like I want to be? in 18 months -but they do involve taking risks. Experience the challenge.

Goals are a moving target. As things change, as new opportunities arise and new people come into your life, you will want to adjust your goals.

Developing the Discipline. Doing what you need to do, until it becomes habit, is a matter of discipline. Eating less and exercising more isn't a matter of willpower. It's discipline.

Discipline will help you keep the 18-month commitments to get to the next level. I estimate that it takes about six years to reach the perfect state, the ideal world, from working on your goals. Planning your life works.

Finding Supporters For Your Quantum Goals. Focusing on your personal development can pay remarkable dividends. For example, becoming a better "you" can influence who wants to be on your board, who wants to be your COO, who wants to be around you in social settings. Teamwork breeds success for all.

About the Author
Colin Thompson is the author of many successful business titles including  "Becoming the Best" and "Charting the Take-Over Maze - Successful Acquisitions". He is a former successful Managing Director of Print Manufacturing Plants, Print Management/Workflow Solution companies, Group Chairman of the Academy for Chief Executives and a Non-Executive Director. Check out www.cmtr.co.uk for powerful testimonials.

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