A company is normally required to give detailed information about itself as it operates and also state what they want to achieve at the end of the day. However, for these goals to be achieved, the company should consider a five-letter word; SMART
- S- Specific
This means that the company should state what exactly it wants to achieve in the given time. And this is according to its mission, vision and such forth.
This implies that if a company wants to know the level of their success, they have to know it in terms of value, statistics, etc, for example, $5000 profit in a particular given period of time. So if the goal was to attain a profit of $1000, it means that the company has attained half of it and that is realized because it is measurable.
The goals should be in a position to be attained and it means that a company should not exaggerate its goals. Do not set goals beyond your ability to attain them according to the size and age of the company as well.
This also means that the set goals should be achievable and not just set goals without well put across strategies.
- T-Time frame
The yet to be achieved goals should be within a particular specific period of time. It implies that the target is therefore well hit on time and all goals attained considering all other factors constant.
Nevertheless, the company’s mission should fit the market environment through all means.