The importance of setting goals cannot be understated, and yet so many professionals roll their eyes when they are urged to capture their goals on a page and apply a goal-orientation approach to the situation at hand. As the saying goes, a goal or dream realized and written down becomes a plan, and the likelihood of that plan being seen through is significantly higher when you own and act on it. Doesn’t your business or role within the business deserve this due diligence? If you have been procrastinating or not prioritizing this responsibility to date, here are the benefits of bringing a goal-orientation approach to business management, and what you can expect when you comply.
It establishes, revises or reiterates your key performance indicators
We can’t discuss the benefits that goals have on business management without discussing key performance indicators. Revisiting your key performance indicators will point you in the right direction of setting up your goal-orientated plans, but you have to have them in the first place. If you are not sure whether your key performance indicators stack up in the modern workforce, ensure they are:
- Still relevant to the market and industry you operate in
- Designed based on past-performance history
- They are SMART (specific, measurable, attainable, relevant, time-based)
What we don’t want to see is that you have simply inherited the played-out key performance indicators of someone six appointments ago, as you will not resonate with these goals and will be less likely to apply them to business management. There are so many benefits to understanding and applying these goals, not the least of which is a financial bump that may be available if you meet your key performance indicators. If you have a relationship with your line manager, discuss the chance of refreshing these key performance indicators.
Greater employee engagement and retention
One of the key benefits of a goal-oriented approach to business management is that it improves employee engagement, which subsequently strengthens your retention rate. This has a positive effect on your morale, but also your bottom line. Employees like to know the direction of their role, department and the business, and if they feel insecure with their placement they will go in search of other opportunities. Onboarding new staff at regular intervals is not an effective business management strategy (and it never will be), and it is so avoidable if you just take the time to design these goals and approaches and then communicate them internally. Your employees will only thank you for investing in them.
You can identify opportunities and avoid risks
Running a business on a whim may be exhilarating at first, but you will inevitably fall over at some stage, probably pretty hard. That we can promise. If you operate in a measured way and identify what aligns with your goals and what can threaten your goals, you will not make the wrong decision and you will not be caught in a state of indecision. If a company in your vertical wants to partner with you, it might seem flattering and like a great idea – but how does this serve your business management and does it align with your goals. You want to have a crystal clear idea of what your approach is so that you can seize opportunities and run from risks.
There is a lot to unpack here, and the time and effort that goes into investing in your goals and business management plan – the better off everyone will be. Don’t put these discussions off another minute, and start to take control of the wheel and see the many benefits of having a goal-orientated approach to business management.