Setting goals — big and small, short- and long-term — is critical for individual and business success. Professionals must have knowledge of how to realistically and regularly set goals for company longevity in spaces like marketing, finances, data analytics, HR and more.
A number of famous individuals have spoken to the importance of setting goals. As Tony Robbins said, “Setting goals is the first step in turning the invisible into the visible.” As Andrew Carnegie said, “If you want to be happy, set a goal that commands your thoughts, liberates your energy, and inspires your hopes.”
Setting goals empowers you and your employees to follow through by turning an abstraction into something tangible and within grasp. In fact, according to one Hypercontext article, there is a direct relationship between knowing company goals and business growth.
Graduates of the Texas A&M-Corpus Christie University (TAMU-CC) Master of Business Administration (MBA) with a Concentration in Management online program are equipped to set all types of goals within an organization.
How Does Setting Goals Enhance the Likelihood of Success?
Goals give you a clear, precise vision of what you want to achieve, and writing them down can help you take the critical next steps needed to get there. You can break down larger goals into smaller goals and find satisfaction and continuing motivation in making daily progress.
Once you achieve milestones on the way to realizing your goals, you feel a sense of accomplishment and capability that motivates you to set other goals. You establish a habit of goal setting that breeds success. In fact, a Forbes study concluded that people who very vividly describe or picture their goals are anywhere from 1.2 to 1.4 times more likely to successfully accomplish their goals.
Making your goals vividly clear and specific – in writing – is key to harnessing a neuroscientific phenomenon called “encoding.” This biological process involves transmitting perceived information to the hippocampus in the brain for analysis. There, decisions are made about what information is retained in long-term memory and what is discarded. Writing goals down aids in enhancing this encoding process. When individuals write information down, they are more likely to remember and store it in long-term memory.
What Are Some Best Practices in Goal Setting For Managers?
Managers are uniquely positioned to motivate employees and themselves to set goals. Here are ten best practices for managers in helping employees and teams achieve their goals, according to Hypercontext:
- Collaboratively set clear, measurable and significant goals for teams and individuals that align with the organization’s mission and executive team goals.
- Write down and discuss the benefits of reaching these goals.
- Think of these goals as individual or team expectations.
- Brainstorm with your team and consider many possibilities as you develop goals to ensure that the goals set are SMART: specific, measurable, achievable, realistic and timely.
- Provide employees with the necessary resources, training and support to track their progress toward their goals, including goal-setting software.
- Schedule weekly meetings to revisit and reinforce the goals, providing regular feedback and recognition to employees.
- Empower employees to take ownership of their goals and provide them with both the autonomy and the help they need to accomplish them.
- Continuously monitor and adjust goals and objectives as necessary, considering external factors that may impact success, and celebrate milestones and recognize efforts along the way.
- Encourage employee growth and development by providing new challenges and opportunities.
- Keep repeating the process.
How Does Individual Goal Setting Relate to Company Success?
Individual and team goal setting contribute significantly to organizational success in the following ways:
- Promotes alignment with a common goal, which enhances collaboration, teamwork and overall performance
- Fosters a sense of motivation and engagement among employees, which leads to increased productivity and a higher quality of work
- Establishes clear guidelines and parameters of employee and team success that managers can use to evaluate them
- Helps employees take ownership of their work, which promotes a sense of accountability and responsibility and reduces the need for micromanagement
- Encourages employees to be adaptable and flexible to changing circumstances, which helps the organization stay agile and responsive to market changes and other external factors
- Inspires employees to think creatively and innovate to achieve their objectives, which fosters a culture of innovation within the organization
- Nurtures talent development in the workforce to help every individual and team reach their potential
In today’s competitive business environment, goal setting is a key driver of success. Business leaders who understand the importance of goal setting and implement best practices are better positioned to achieve their objectives and lead their organizations to greater heights. An advanced business degree in management, such as that from TAMU-CC, is ideal for those who want to strengthen their goal-setting muscle.