How to Manage & Meet your Business’
Continuing from Part 1 on how to meet your business ‘strategic goals’ – common reasons as to why your business might not be meeting its strategic goals and what you can do to mitigate this:
- Goals are set outside your customer data
Being able to adjust the atmosphere and feel of your business to adapt to the culture of your customers and clients is essential for the maintenance of a successful business. After Earvin “Magic” Johnson went into business with Starbucks, his branches were reported to be more successful than other branches. This was down to the fact that “Magic” had a deep understanding of the diverse culture of the customers he was targeting. He strategically tweaked the menu and environment to adapt to the needs of his audience. Basically he over-delivered (went above and beyond!!!) – and it paid off!!!
Therefore before you embark on goal setting:
- Analyse everything and anything about your customer’s
- Analyse how your customers locate/find you.
- Analyse which product or service they buy/are interested in the most.
- Analyse who buys what and how much is bought.
- Take note and analyse product and service issues that your customer’s bring up.
- Figure out what would prevent your customers from patronising you.
- Find out what makes your customer’s happy.
- Inform your team of your goals
It is crucial that your senior members of staff (Executive Team ET), communicate clearly and detail the connections between corporate priorities and the roles of your front-line staff and team leaders.
Beware of sending mixed messages, it is a common phenomenon in organisations for different departments to receive obscured messages, or for departments to work in silos, completely oblivious to other team’s goals and how their roles and responsibilities affect each other.
The Harvard Business Review stipulates that a third of senior executives fail in this area of operations; they state that “when asked to identify the single greatest challenge to executing their company’s strategy, 30 percent cite failure to coordinate across units”
Therefore if you really want your organisation to succeed:
- Engage your employees – employees that are engaged are more focussed and have a greater insight into what your organisation stands for. Engaged employees feel more connected to and inclusive in the overall productivity of your organisation.
- Ask you staff – what they want to do, Eden Chen of Fishermen Labs says “It is very difficult to motivate people to do something unless they want to do it” “The best way to combat this is to find out what your employees want to do and help them move toward those goals.” Needless to say, in reality you know that your staff were hired to fulfil a specific role within your company, however supporting your staff’s own growth goals shows that you are an organisation that cares about the development of your staff and they will be more willing to work in their hired capacity in response to your offer of support.
- Make you goals public – It is imperative that there is a constant reminder of the bigger picture goals. This will act as a motivation tool for your staff to accomplish their tasks. Display daily progress reports if necessary, this would allow for staff to track the up’s and down’s of their operations and adjust to improve if the need be.
- Quantify your goals – Do not set vague, insubstantial or un-measurable goals for your staff. It will be impossible for staff to meet your expectations and you will be unable to track successes. Goals should always be SMART; S – specific, significant, stretching. M – measurable, meaningful, motivational. A – agreed upon, attainable, achievable, acceptable, action-oriented. R – realistic, relevant, reasonable, rewarding, results-oriented. T- time-based, time-bound, timely, tangible, trackable.