I’m sure you often hear of companies making a significant profits, product advancements, or business expansions, and yet, are criticized by investors and Wall Street analysts. Did you know that many supposedly effective goal setting plans are ruined because of the media?
If a published analyst comments on your business’s improvements or lack thereof, this naturally affects the actions of investors. And in turn sends the company into frenzy.
The comments, unfortunately, focus mostly on the short-term gains, rather than the long-term success of an organization. Sadly, most organizations are easily affected by all this.
In a bid to win the favor of the of the public, top management will put their efforts on producing results that are more “attractive” compared to that of last quarter. Their effective goal setting process will change to focus on improving the next quarterly earnings report.
How does this critique-appease-critique-appease cycle affect the company in the long run?
The big picture and long-term goals are shelved, and short-term plans of pleasing the public are given the priority.
How do you steer your business towards long-term success in a scenario where the public is so keen on emphasizing short-term goals?
Here are tips to create a goal setting environment centered on long-term growth:
- Be prepared to accept some short-term setbacks. There will be times when the organization isn’t moving forward as fast as you hoped. Instead of changing gears and focusing your efforts on making the company look good, it helps to remind yourself what truly matters.
As long as your organization is moving towards the specific long-term goals you set in place, temporary setbacks won’t matter. What matters is you’re moving in the right direction. Long-term success is not reached on a smooth effortless highway.
- Concentrate on your customers because without them, you have no business. Almost all problems related to internal concerns in your organization should be considered secondary in terms of importance.
- Resources like work force and time are all limited so you will need to direct focus where it truly counts. Focus your resources on attracting and keeping the right customers. All other concerns will fall into place.
- Question your current efforts. Make it a habit to question day-to-day efforts as part of effective goal setting. Don’t just do this for yourself; ask other leaders in your organization to do it with their team, as well.
Ask yourself questions like:
- Are these tasks in line with achieving the bigger goals of my business?
- Will this particular project help in moving the organization forward?
The point is, work on the micro level, but set your sight set on the big picture.
It’s part human nature to be affected by outside pressure. So just let them talk about your company. Hear what they have to say, and then move on.
Cultivating effective goal setting processes and work habits that all lead to the final goals is much more important than the opinion of every naysayer around you. Temporary setbacks and criticism are just temporary, after all.
© 2013 Incedo Group, LLC
