Question

In: Economics

You opened a company, now use smart goals to make a strategy

You opened a company, now use smart goals to make a strategy

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Expert Solution

'SMART' is an acronym where, S stands for Specific, M stands for Measurable, A stands for Achievable, R stands for Realistic and T stands for Timely. Goals to be achieved should be Clear that is, comprehendable. They should be easily quantifiable that is, measurable. They must be achievable within the available resources. They should be realistic, in the sense that they shouldn't be impossible. Lastly, they should be they should be achieved timely as the stakeholders want. All companies operate for the sole purpose of achieving their goals. For this, they need to strategize as to how this can be done. Firstly, the goals should be laid down as clearly as possible, objectives must be well defined and shouldn't be confusing in any way. Secondly, goals must be quanitifiable and performance at each step should be measurable in order to understand the progress at each step and know if the actions are going in accordance with plan. For example, if a company wants to improve its profits from a project, it must have a definite way of measuring inflows and outflows so that it can arrive at the profits with ease. Thirdly, to make goals achievable, they should be broken down into small peices/parts. In this way, they become managable and comprehending progress becomes easy. Further, main goal must be broken down into small tasks which should be performed in a particular series. Forthly, goals must be relevant to the vision of the organisation as a whole. Irrelevant goals lead to wasteage of time, energy and resources. Lastly, goals must be time bound and strict deadlines must be prescribed for each task so that the main objectives are achieved within the desired time frame.


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