Why it’s important to set achievable goals for your organisation

Setting achievable goals doesn’t guarantee success, but it’s almost impossible to succeed without them – here is why they are important, and how to start setting them

CREDIT: This is an edited version of an article that originally appeared on Business News Daily

Setting achievable goals is one of the key skills necessary for successfully managing an organisation. However, as leaders try to envision their future, they can often stumble in determining what goals are achievable within a given time frame and they can also go wrong by setting goals that are too vague or too easy.

What are ‘achievable goals’?

Achievable goals are targets an organisation sets for a specific period, such as a quarter or year; they’re realistic, not vague or hopeful expectations so when setting achievable goals for your organisation, it’s crucial to make them specific and challenging. Many organisations use frameworks to help them set detailed, precise objectives. These could include:

• SMART Goals framework: Specific Measurable, Attainable, Relevant and Timed

The SMART Goals framework urges you to consider your goal as an action plan. Be as specific as possible about what you will do, when it will happen, and how you’ll work toward it. Motivate yourself by aiming for achievements that are challenging but feel possible.

• WOOP framework: Wish, Outcome, Obstacle and Plan

WOOP is a practical, motivational strategy that asks participants to imagine their future along with potential obstacles. It claims to help people reduce stress, increase engagement and solve problems better.

• Micro goals: some organisations prefer setting ‘micro goals’ rather than one overarching goal. This involves breaking a long-term goal into achievable steps and setting daily intentions to help you reach your overarching goal more quickly.

How to determine the right goal to pursue 

Many organisations use structured methods to help them determine the right goals to pursue. For example:

SWOT analysis is a method many organisations use to determine the right goals to pursue. By breaking opportunities down into strengths, weaknesses, opportunities, and threats, they can map out a path with the biggest upside and the fewest inherent risks. SWOTs are valuable because they break down the complex terrain all organisations face into four easy-to-understand concepts.

Porter’s Five Forces is a technique for better understanding the broader marketplace. The five forces look at specific factors determining whether an organisation can be profitable and which goals are most likely to succeed. The five forces are:

• competitive rivalry;
• the bargaining power of suppliers;
• the bargaining power of customers;
• the threat of new entrants;
• the threat of substitute products or services.

Tracking goals and progress

As they move forward, organisations must measure their performance relative to their goals; many utilise key performance indicators (KPIs) and data reporting. KPIs are the most essential data points for measuring growth and they can measure almost every aspect of an organisation’s progress. After determining the right KPIs for a specific goal, and collecting data, organisations must analyse that data. If they do so correctly, the resulting information can help them adjust their processes to maximise the outcome.

What to do when goals fail 

Goals fail for myriad reasons. The goals themselves might be the problem, or there may be issues with the people pursuing them, and then there are tenacious competitors and market trends to contend with, among many other factors. However, when an organisation plans precisely and methodically, it’s likely better prepared to understand what went wrong and adjust accordingly. When a goal fails, consider the following actions: 

• Reassess your goals: take another look at your goals and consider if any of them are inherently problematic. Were they too vague? Were they unrealistic? If a goal is still valid, and extenuating circumstances undercut it, it may be worthwhile to try it again. If it was too vague or challenging, reset your parameters and revise your goal. 
• Set a new goal: if you decide it’s time for a new goal, evaluate your goal-setting process and focus on a new goal that’s specific, challenging, and realistic. 
• Work with a support team: working toward your goals in isolation may lower your accountability; it can also prevent you from taking advantage of others’ experiences and creative suggestions when facing challenges. Share your goals with partners and employees so everyone works with the same blueprint and understands how their individual contributions fit into the big picture. Track the organisation’s progress, and celebrate achievements to stay accountable.