Setting SMART Goals - the corner stone of any long term target.

 

In pursuance of a target, setting Goals is an important aspect that gives us a direction in which we need to focus on our efforts. Since Goal setting is of utmost importance in the business setting, there must be a clear-cut guideline as to how to set these goals. That's where Smart Goals come into play, the acronym ‘SMART’ stands for Specific, Measurable, Achievable, Realistic, and Timely and it incorporates all these ideas to focus on our effort towards achieving our goal.

History and evolution of Idea:  Since the 1960’s the research was done on goal settings, its importance and how can it affect the performance of an organization. The first contextual mention happened in the year 1968, Dr. Edwin Locke published the paper, “Toward a Theory of Task Motivation and Incentives”. In his paper, Dr. Edwin established that proper goal settings have an impact on the performance of the organization. In November 1981, George T. Doran issued a management Review that was an extension of Locke’s work. Doran gave the principles of SMART Goals. He expressed the way to define, measure, and achieve the goal.

WHY is SMART Goals important?

Smart Goals epitomize the effectiveness of goal settings which gives the most robust outcome. It is a reliable, efficient and time tested result.

Expanding the SMART GOALS

o   Specific: The Goals must be well defined and clear.

The questions that must be considered:

§  Who all are involved

§  What is the ultimate result we are expecting

§  Where is the Goal to be achieved

§  When do I want

§  Why are we doing it

 

   Measurable: Specific criteria for measuring the progress and definition of done.

The questions that must be considered:

§  How much/many

§  How  do I know if the goals are met

§  What is my progress indicator

o   Achievable: Attainable and can be achieved in the given scenario.

The questions that must be considered:

§  Do I have the infrastructure and resources to achieve the goal

§  Was is done successfully before

 

o   Realistic: Relevant and reasonable.

The questions that must be considered:

§  Is the goal realistic

§  Is the goal reachable within a given time with provided resources

§  Are you in a position to commit the goal

 

o   Timely: Within defined timeframe. A set starting and ending date.

§  Do I have a deadline

§  When do I want to achieve the Goal

Principles to be followed in goal setting :

• Clarity
• Challenge
• Commitment
• Feedback
• Task Complexity

 

Pros & Cons of having the SMART Goals

PROS

• Ø  People get out of their comfort zone
• Ø  Helps in self-evaluation
• Ø  Clarifies end objective
• Ø  Effective time management tool
• Ø  Reminds you of your priorities
• Ø  Obliges one to take an action

CONS

• Ø  Different interpretation by different people
• Ø  Possibility of less Execution more planning
• Ø  No importance is given to the other tasks
• Ø  Builds more pressure 
  
  Thus SMART goals are the building blocks of making any informed planning be it short term or long term and must always be kept in mind before setting an ambitious target.