Setting and achieving business goals can be challenging, especially when resources are limited and priorities are not clear. However, it is crucial for businesses to identify and pursue their most important goals to succeed in today’s competitive landscape. Here are some tips from Howwe Technologies, a company that helps businesses and organizations achieve their goals effectively.
The Problem with Goal Setting and Goal Management
One of the biggest challenges with goal setting is that people often aim for too many goals, which can be overwhelming and lead to disappointment. In fact, nine out of ten companies fail to reach their business goals, and on average, only 63% of the goals in three-year business plans are achieved. To avoid this, it is essential to focus on the most critical goals that have unrealized economic potential.
Identifying the Most Important Goals
To identify the most important goals, the management team and CEO should make an effort to choose two or three overarching goals from the 15 goals the company may have. The goals must be crucial and have the potential to drive progress and create value. It is also important to ensure that each team in the organization has goals that support the overarching team goals. Each team should own its goals and make them concrete and specific.
Focusing on Key Activities
Once the goals are set, it is critical to focus on key activities that are most effective in achieving the goal. Often, people get stuck on goal descriptions and fail to prioritize and identify the key activities. To succeed with key activities, it is essential to be proactive and avoid reactive behavior. It is also important to prioritize and choose the most critical activities to achieve the goals. Each team should agree on the key activities and see them as levers that help achieve the goals.
To measure progress towards the goals, it is recommended that each team chooses a maximum of two goals at a time, which should be measurable and evaluated each month. Despite the choice of goals, what people do to achieve them is even more important. In that sense, goals are an “ambition description” that guides the team towards success.
Keeping the Goals in Sight
Finally, it is crucial to keep the goals in sight and talk about them every week. This creates a positive sense of urgency and helps ensure that progress is made towards the goals. An effective way to put this into practice is to meet as a team for 15 minutes each week and have each participant make commitments related to key activities. Then, follow up on progress at the next meeting and make new commitments.
Setting and achieving business goals can be challenging, but with the right approach and focus on the most critical goals and key activities, businesses can succeed and create value. By choosing the most important goals, focusing on key activities, and measuring progress, businesses can achieve their goals effectively. Using a goal management software developed to support the execution of goals increase engagement, alignment and overall results.
Learn more about the Howwe Way of working here.