How to SMART Target
Management Skills – Summary 2
Targets
The main part of the strategic duty of a manager is to achieve objectives. Business objectives should be always be “SMART”:
Specific
Measurable
Achievable
•The objective is clear and it accuratly describes the desired situation •We should know if the objectives are achivied or not by answering very simple questions
•It must be feasible with the parameters that wa have (time, resources, power...)
Relevant
•With the global strategy and with the environment
Time-bound
•Time-defined means an end but it also means steps.
In the SMART concept as translated in French, the A stand Ambitious. This is maybe something that is missing in our version, an objective should be a challenge and require efforts. Of course Ambitious has to go with Realistic, or here with Achievable. A non-realistic goal is one of the common mistakes made when defining a goal. Also, objective should not depend (too much) on other stakeholders/persons.
“Those who doesn’t have objectives work for those who have”
For our objectives to be measurable, we need to define performance measures and indicators, so that we can always evaluate the amount of progress or change needed and we’ll be able to visualize our accomplishments. This leads us to the next paragraph.
KPI
A Key Performance Indicator is a measure that assesses the performance of team members, units or even companies, in their implementation of key strategic activities for their present and future successes. KPI, when properly designed, should provide all staff with clear goals and objectives, combined with an understanding of how they relate to the overall success of the organization. Example of good KPI could be: CLV (Customer Lifetime Value), Segment market-shares, sales per channel, sales per product line, etc. Published inside the company and regularly consulted as a reference, they will quickly create commitment towards the same goals. The involvement of
Targets
The main part of the strategic duty of a manager is to achieve objectives. Business objectives should be always be “SMART”:
Specific
Measurable
Achievable
•The objective is clear and it accuratly describes the desired situation •We should know if the objectives are achivied or not by answering very simple questions
•It must be feasible with the parameters that wa have (time, resources, power...)
Relevant
•With the global strategy and with the environment
Time-bound
•Time-defined means an end but it also means steps.
In the SMART concept as translated in French, the A stand Ambitious. This is maybe something that is missing in our version, an objective should be a challenge and require efforts. Of course Ambitious has to go with Realistic, or here with Achievable. A non-realistic goal is one of the common mistakes made when defining a goal. Also, objective should not depend (too much) on other stakeholders/persons.
“Those who doesn’t have objectives work for those who have”
For our objectives to be measurable, we need to define performance measures and indicators, so that we can always evaluate the amount of progress or change needed and we’ll be able to visualize our accomplishments. This leads us to the next paragraph.
KPI
A Key Performance Indicator is a measure that assesses the performance of team members, units or even companies, in their implementation of key strategic activities for their present and future successes. KPI, when properly designed, should provide all staff with clear goals and objectives, combined with an understanding of how they relate to the overall success of the organization. Example of good KPI could be: CLV (Customer Lifetime Value), Segment market-shares, sales per channel, sales per product line, etc. Published inside the company and regularly consulted as a reference, they will quickly create commitment towards the same goals. The involvement of