Goals are the object of one’s ambition or a desired outcome. Goals are what prompt a person to take conscious actions. Business goals are those that are envisioned by the top management for the company’s growth and success.
A goal can be a statement or aim that gives the actions a sense of purpose. They can be short-term or long-term goals.
Short-term goals are those which are expected to be achieved in the near future, whereas, long-term goals are for a longer period of time.
Short-term goals can be achieved within 1 day, one quarter, 6 months or within a year. But long-term goals can be achieved over a span of 2+ years extending to 10 years or more.
What is the difference between goals & objectives?
Objectives are a subset of the overall goals. While a goal is an aim or desired result, objectives are actionable items that must be achieved to achieve the bigger goal. The goal is a broader term.
For example, if the goal is to increase brand awareness, then the objective would be to increase the market share by 5%.
The significant difference between a goal and an aspiration is that goals are quantifiable and measurable. They are not vague or ambiguous.
There are multiple goal-setting methods. A few of them are listed below-
- SMART goals- These stand for Specific, Measurable, Actionable, Relevant, and Time-bound. This method breaks down the goal statement in a way that they are clear, specific, can be tracked, realistic, attainable, aligns with the philosophy, vision & mission, and has a target date or deadline.
- OGSM – It is short for Objectives, Goals, Strategies & Measures. This model divides the aim into smaller objectives which are measurable and the progress can be monitored.
- OKRs – OKRs are also known as Objectives & Key Results. These are the goals based on objectives that need to be achieved. These goals are monitored based on key results or metrics.
This model is especially used for quarterly goals. Key results are essentially the numbers that are to be achieved.
- HARD – They stand for Heartfelt, Animated, Required and Difficult. This model measures the level of connection or ‘sense of heart’ for the goal. Animated means visualising the goal.
The model requires one to determine if the goal is absolutely necessary for the organization and whether it requires employees to learn new skills and expand their knowledge.
There are many goal-setting models that a company can adopt, however, a few common aspects are – a defined measurable objective, progress tracking, and success measurement metrics.
These three form the strong pillars that drive the company forward.
Without goals & objectives, a company’s growth will be stagnant.
The reasons for a company’s failure –
- Lack of knowledge – Organizations may lack knowledge of the goal-setting process. They may not know the process and how to measure the progress.
- Communication gap – There is a chance that the organization cannot translate their vision and objectives into defined, quantifiable and structured goals.
- Inactivity – Though goals are set, the execution may create a problem. Lack of required skills, unclear action plans, lack of planning, lack of technology, etc. may lead to inactivity.
- Lack of information – The management needs to have information about the challenges to formulate policies to overcome the issues.
- Vague goals – Goals should be such that can be translated into actionable objectives. Clear, specific goals achieve significant results.
- Time management – The time should be allocated in a way that the objectives are achievable. Time-consuming activities hamper the progress of the process.
- Skills – Lack of adequate or relevant skills, cannot help in the accomplishment of the objectives. Employees must be equipped with valuable skills to help them achieve their goals efficiently and within time.
Knowing the way ahead and the means to take the organization there is clarity in vision. Thus, the organization progresses and succeeds.
“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” – Pablo Picasso
How MITSDE helps in this regard?
MIT School of Distance Education is an AICTE-approved distance learning institute. It understands the current skills gap in the market and strives hard to reduce it. For this purpose, MITSDE brings to you distance PGDM courses.
MITSDE offers a wide array of specializations to choose from such as – Project Management, Marketing Management, Finance Management, Operations Management, Supply chain & Logistics Management, Banking & Financial Services, IT Management, and Construction Management.
MITSDE also offers a dedicated team of student success managers that assist in learners’ academic journey.
The placement cell offers services like resume-building and career-building sessions to help one secure a rewarding career.
Lastly, initiatives like MITSDE Labs and Harbour offer a perfect blend of practical hands-on training and psychological counselling.
Thus, MITSDE offers a 360-degree learning approach that guarantees a rewarding career.
