During the first few months of a new year, it’s standard procedure to set goals and formulate a game plan. This is also true for businesses looking to take their operations to new heights. For those studying a
Bachelor of Commerce Degree, a large part of business management lies in driving an organisation to meet its objectives. Part of this is strategic management and going through the past year and examining what did and didn’t work.
Often, the true problem doesn’t lie in aiming too high. It’s found in setting the bar too low and reaching these goals too easily. How should a business be celebrating its successes and looking towards the future? We’re unpacking more below.
For starters, every organisation should get key role players together for a workshop and collaborative session on the year’s targets. This will help to provide a sense of direction, purpose and clarity for every division and person within the company. It also fosters better team work for the year ahead as each person feels heard and part of the strategic goal setting process.
Whether you’re studying a Bachelor of Commerce Degree or any other programme, you might have already encountered the S.M.A.R.T method of outlining goals. This is useful for ensuring that you’re able to reach what you’ve set out to. The S.M.A.R.T method is also effective for departments and individuals in the business setting and involves a few check points on the journey to setting and reaching those objectives. It can be broken down into the following:
S – Specific: Are your goals clearly outlined from the outset or can people get a little lost along the way? The best goals are the most specific ones so list them as best you can and jot down what business skills they will require.
M – Measurable: Can your goals be measured? If they can’t be, then they can’t be managed and met. Understanding how to measure each target is one sure way to get closer to it. It also keeps every member of staff accountable.
A – Attainable: There’s little point in setting business objectives if they can’t be reached. Part of outlining goals is choosing ones that can be attained.
R – Realistic: By all means, have ambitions but be careful not to get carried away. Realistic goals are ones that are relevant to the business, its abilities and all available resources.
T – Time-based: Time is money so understanding that your goals should have an expiration date on them is a must. Make sure you assign a time frame to each target so that everyone in the business acts with purpose. It also gives you time to re-evaluate whether or not it’s time to abandon the pursuit of goals that aren’t materialising.
Once objectives have been established, it’s time to take a closer look at available resources. This includes people, partners, budgets and departments available to your business. It’s also an ideal time to do a little audit on what the business’ current expenditure is. Without the relevant resources, your targets could slip away. This makes a budget analysis a sure way to determine what can be cut down or used for reaching this year’s goals.
Breaking into the business realm can seem daunting but with the right qualification, there’s no reason why you can’t make it to the top. At The IIE’s Varsity College, you can study a range of IIE qualifications that meet industry demands and technical requirements. With an impressive qualification behind you, you could be an expert in your field in no time. If you’ve got business aspirations, the IIE Bachelor of Commerce could be the programme for you. For more on this popular degree, please click here to visit our website
Varsity College is an educational brand of The Independent Institute of Education (The IIE). South Africa’s leading private higher education provider that’s registered with the Department of Higher Education and Training and accredited by the British Accreditation Council (BAC).