Josh Thompson is the founder and leader of Thompson Exterior Services, a construction and building maintenance company.
Anyone who is familiar with leadership will tell you that goals and objectives are essential to being a successful leader. That being said, when starting your business, it can be hard to set goals and objectives for yourself. My time as an entrepreneur and company leader has taught me a lot about the do’s and don’ts of setting goals and objectives that I would like to share.
Understanding Goals And Objectives
Before you start setting goals and objectives, you need to understand what they are. Goals are typically long term, overarching ideas concerning what you want for your business. Objectives, on the other hand, are usually short-term and measurable. Many objectives may lead you to your goal. Both are necessary for the success of your business.
Goals Need Objectives
Don’t start going for your goals until you have made objectives. Objectives help break your goals into manageable steps and ensure you are going in the right direction. If you solely focus on your goals, you can easily get lost in the process and lose sight of the work you are doing. The same can occur for your employees; objectives help them understand the bigger picture and what is expected of them.
Objectives Must Be Measurable
Decide how you will measure your objectives. If it’s not measurable, it’s not really an objective. This measurement is what sets an objective apart from a goal. When you look at your company’s records, you should be able to say, for certain, whether you met an objective or not.
For example, in construction, a measurable objective may be to reduce project schedule delays by 15% within six months. This measurable objective fits into the general goal of improving construction project efficiency by streamlining processes.
Specificity Is Key
Be specific in your goals and even more specific in your objectives. The more specific you are, the easier it is to follow through. Everyone wants to start a successful business that brings in money and that customers will like. Your goal needs to be more than that. It should center on what makes your company unique.
Additionally, you should have a “why” factor. In this case, the “why” factor refers to the underlying purpose or motivation behind the goal. It represents the reason or significance behind pursuing a specific objective and helps provide clarity, motivation and a sense of meaning to the goal. For example, in the construction industry, a goal could be to implement renewable energy solutions in building projects. The “why” factor behind this goal might be to reduce environmental impact, promote sustainable practices and contribute to the transition toward a greener future in the construction sector.
Your objectives are your stepping stones, so they need to be specific. The more detailed your objectives, the simpler it is to recognize the path and meet your goals. Being specific with objectives also means making them timebound to ensure the completion of the objectives in a timely manner.
Balance Optimism And Realism
You want the best for your company, but you also want a goal that is attainable. Optimism provides the motivation and inspiration necessary to set your goals and push the boundaries of what is possible. It fuels innovation and encourages striving for excellence. Realism ensures that goals are grounded in practicality and attainability by taking into account the current resources, capabilities and market conditions.
Align Your Goal With Your Vision
A company’s goal and vision are representative of the organization as a whole. The vision is what a company hopes to become or see as a result of working toward its goal. In the construction industry, a company’s goal might be to create sustainable construction practices within the company. A vision that aligns with that goal could be to be recognized as a leading sustainable construction company that transforms communities through innovative and eco-friendly building practices.
Alignment between goals and vision promotes consistency in decision making and actions throughout the organization. When goals align with the vision, it ensures everyone is working toward common objectives in a coordinated manner.
Your company’s goal gives you direction. Your objectives will help you reach that goal. In order to create goals and objectives, you have to understand what they are and know how to make them. Goals require objectives, must be specific, balanced in realism and optimism and align with the company vision. Objectives must be measurable and specific.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
