Tracking Goals: How to Do It and Its Benefits
Tracking goals is as important as setting them. In this article, we’ll explain how following up on goals guarantees the success of goals.
Indeed, every company expects to achieve the objectives proposed in the strategic planning. Finally, however, they are completed; this is done in an efficient, optimized, and cost-effective way.
In this sense, the best way to guarantee promising results is through the goals and their follow-up. After all, the stipulated goals will guide the path employees take until the organization expects the result.
Sound simple? And it can be. It all depends on managing these goals.
Since it is useless, stipulate targets or formalize target contracts with your employees. Managing these goals requires monitoring them and managing the indicators linked to each destination.
But first of all, we need to understand what goals are like
Goals are different from goals. A goal is where your business wants to go. For example, increase your sales by x percent within a year. Sound complex described that way?
For simplicity’s sake, you need guidance on how to get there. How to achieve this goal efficiently, optimally, and at the lowest possible cost.
And that’s where they come in as goals.
The goals are the paths. The small steps will include achieving the planned result. The “how” and “when” must do something to accomplish a purpose. These steps will allow your team to understand the meaning and reach the goals to meet the organization’s macro objective.
We’ve already brought fascinating articles about implementing and contracting goals with your collaborators.
Today, though, we’d want to discuss the necessity of following through on these objectives.
Why follow your company and team goals?
Keeping track of your team’s goals allows for more efficient management and more assertive decision-making.
Just as an example, monitoring the goals makes it possible to identify whether the resources destined to reach these goals were sufficient.
The relevance of this data directly impacts the cost and quality of the goal. After all, if the resource is insufficient, you will compromise the plan’s grade. So, on the other hand, if the help is surplus, the cost will generate a loss.
However, that’s not the only advantage of tracking goals. We separate other benefits for you to understand better why your company has to implement monitoring of plans.
1 – Understanding the efficiency of processes
By measuring the results achieved in each goal, the manager can identify the efficiency of the processes.
Considering the existing goals to ensure the sustainable growth of the business, monitoring the plans, and identifying efficient processes will contribute to achieving the profitability and productivity intended by strategic planning.
2 – Promotion of necessary changes
By following up on goals and identifying process efficiency, it is possible to change direction. That’s right! Goal tracking allows other strategies to achieve goals, putting them in an inefficient process.
This avoids unpleasant surprises at the end of the process and losses that cannot be circumvented.
3 – Increased company competitiveness
Tracking goals allows the company to identify its strengths and weaknesses to be corrected and strengths replicated.
This will allow the company to prepare for the constant changes in the market, putting it at a competitive advantage over the competition.
4 – Team development
Another advantage of tracking goals is identifying points for improvement in the team. Therefore, the human resources sector can intervene in the team’s development, proposing training and actions that will enable the movement of employees and, consequently, the achievement of goals.
5 – Guarantee of business profitability
Unaccompanied goals can cause a massive loss for the company. On the other hand, following up on the goals allows for identifying possible failures and thus guarantees the achievement of the final objective at the lowest possible cost.
As a result, the business becomes more profitable and profitable.
And how to follow up on goals?
Once you know some of the advantages of tracking your company’s goals, it’s time to learn how to track goals.
Of course, the idea is that you have a contract of goals with each team and with each collaborator. So, in this way, it is possible to break down organizational goals into sectorial goals, which turn into individual objectives.
So, the exciting thing about this development is that it involves the entire team searching for results. And naturally, this is a highly motivating factor for the team. After all, applying employees to the company’s processes and objectives creates a feeling of belonging, purpose, and responsibility for individual and collective results.
Another critical point for monitoring goals is aligning the company’s objectives and employees’ expectations. Implementing a culture of dialogue and feedback makes it possible to know which plans are likely to be reached and which ones will not be achieved because they are not relevant to both sides.
Once this is done, it is necessary to use tools that enable monitoring goals, whether by team or employee.
For this, it is possible to use, among other tools, SMART targets, the 5W2H method or spot management.
Here on the blog, you will find a very detailed article explaining SMART goals and how to use them. In short, it is an acronym that defines goals as specific (specific), measurable (measurable), attainable (attainable), realistic (realistic), and temporal (time-based).
It is a straightforward and effective tool, which seeks to create and track goals through 7 simple questions: What, Why, Where, When, Who, How, and How Much. Hence the name 5W2H.
It consists of visually displaying the goals for the entire company through a table where the following are identified: the objectives or target to be met, specification of the indicator, person or sector responsible for meeting the target, and the deadline or period in which will monitor the target.
These are just a few examples of tools that can help your company not only create but monitor goals.