Clarity and Focus
One part of business goal-setting theory is creating clear and focused goals that are obtainable. Having a goal of pulling in $100,000 in business profits within a single year may not be obtainable for a small business owner. A clear and focused goal may be to get $50,000 in profits based on $20,000 in product sales, $10,000 from investments and $20,000 from service sales. A single goal must have a plan to reach the goal, whether it is a monthly plan with mini-goals or a weekly plan for short-term goals.
Commitment and Teamwork
Employees of a given business may be more committed to a goal if they are a part of setting the goals and deadlines. In addition, a team may also work closer together if they have a mutual goal. Commitment and responsibility to a goal may also increase the motivational level within the business. In addition, each employee may have his own goal, but keep all workers informed of larger goals to ensure continuous commitment and teamwork in a business.
Feedback and Progression
Another theoretical perspective on setting successful goals in a business environment involves getting feedback from managers and other employees as the work towards the goal progresses. Part of the feedback includes getting clarity on tasks, adjusting the goals or methods, making budgetary changes and getting additional help from managers. This feedback may alter the progression of the goal, so the employee working to reach the goal must be informed of the changes.
Complexity and Success
A single goal may become overwhelming, especially if the goal is long-term or very complex. Fulfilling these types of goals requires a reasonable time period, including time to learn and practice skills to meet expectations. Meeting a revenue goal may not be reasonable within a single month or quarter, so extending the goal deadline for a reasonable time period may lead to more success. Having a short period of time to fulfill goals may inhibit employees from reaching expectations and may end up failing.
SOURCE : http://smallbusiness.chron.com/examples-business-goalsetting-theory-23331.html
