Goal setting for 2021

Goal setting for 2021

And just like that, 2020 is over.

To be honest, 2020 came by and said goodbye very quickly. So much has happened globally that affected most aspects of our lives. We have seen activities transition to online, be it in education, retail or medical consultations and in holding learning and development training programs, among others. We have also witnessed some businesses, especially in the food-and-beverage space, close their doors for good because of the Covid-19 pandemic’s impact, and how people transformed the way they earn their living by getting into food and other thriving industries. In retrospect, it was, to say the least, a jampacked year full of highs and lows.

Tomorrow, we will have a brand new year, which I’d like to think serves as a beacon of hope for all of us, and New Year’s Day is always the best day to take advantage of the momentum to self-reflect, assess and plan for the year. Back in the pre-Covid days, January 1 is considered the day where gym memberships are at their highest due to people’s resolutions to get back in shape.

Most of us will definitely self-reflect and start planning for 2021, whether for business or personal or both. This behavior is essentially why a couple of popular retail establishments promote their planners (given for free as soon as, of course, you complete the stickers) as early as September to allow people to start planning.

 

One way to start setting goals is utilizing the “SMART” framework or method. This concept was developed by the late legendary management guru Peter F. Drucker in 1954, and it allows for assessment and scrutiny in terms of the goals one would like to achieve.

– Specific. Be as specific and clear as much as you can and avoid ambiguous targets. It should also address the five “W” questions: who, what, where, when, and why. Doing this would provide a clear picture of your goal.

Example: A nonspecific goal setting would be “I want to achieve my annual sales target this 2021.” Applying this framework would generate a more specific goal that could be rewritten as: “I will focus my sales efforts on my top key accounts in promoting our business transformation offering to meet my targets this year.”

– Measurable. It is important to have parameters to know if you are achieving or lagging behind your goals. How would you measure your goals? Set measurable parameters to know where you are in your target.

Example: “I will focus my sales efforts on my top five key accounts in promoting our business transformation offering, so I can meet 60 percent of my targets before midyear and the remaining 40 percent on or before yearend.”

– Achievable. How attainable would your goals be? Do you have enough resources to ensure that while the challenge to achieve it is there, that it is indeed achievable? From the example above, what resources would you need to focus on the top five key accounts?

– Realistic. Your goal must be within reach, based on the available resources and time. Are those five key accounts located in one city? How many times would it be possible to meet with their stakeholders in a given month?

– Time-bound. Any goal without a timeline is bound to fail. Setting a target date, from start to finish, is a good habit to develop. More importantly, doing so denotes urgency and attention, which could only make your goals even more attainable.

Best of luck in your goal setting, and wishing each and every one a blessed and prosperous 2021!

Kay Calpo Lugtu is the chief operating officer of Hungry Workhorse, a digital and culture transformation firm. Her advocacies include nation-building, sustainability education, and financial literacy. The author may be reached at kay.lugtu@hungryworkhorse.com.

Source: https://www.manilatimes.net/2020/12/31/business/columnists-business/goal-setting-for-2021/820395/

Leave a Comment