Answer to Question #293077 in Management for oboti

Question

Learning Journal Unit 1

In Chapter 1 of the text, goal setting is discussed. Select a business-related or professional goal (e.g. lose weight, complete a course of study, find a new job, etc.) you want to achieve in the next 12 months. Address each part of the SMART technique -- Specific, Measurable, Achievable, Realistic, and Time-bound– providing relevant details about the goal for each component of the goal-setting process.

Be sure that your Learning Journal entry is a minimum of 500 words.

Answer 1

SMART Goals Technique Application

The term SMART is an abbreviation for Specific, Measurable, Achievable, Relevant, and Time-Bound. SMART technique can be very useful since it gives a practical and realistic blueprint to achieve goals in an easier and cost-effective manner. Therefore, understanding these parameters and how they align with one’s goal is critical as it helps ensure that objectives are attainable within a given time frame.

This approach leaves no chance guesswork and sets a clear timeline making it easier to track progress and identify missed milestones. This approach also ensures quality is not compromised too. In this case our goal will be to maximize profit of organization ‘A’. In order to ensure we improve our goal prospects we will link our argument to SMART technique by exploring each and every step as shown below.

S: Specific

In order for a goal to be effective and realistic it ought to achieve certain levels of specificity. For instance, if a goal is specific it will seek to answer the following question

• What needs to be accomplished?
• Who’s responsible for it?
• What steps need to be taken to achieve it?

Having these questions in your mind will help in navigating the handles to achieve the intended results. Here’s an example of a specific goal one might come up with:

‘Grow the number of potential clients by issuing discounts and carrying out thorough advertising to attract a large pool of potential clients ‘

 

M: Measurable.

Apart from ensuring specificity ensuring the goals are measurable i.e. being able to quantify your goals makes tracking of progress possible thus desired results are most likely to be achieved.

To make this SMART technique more effective in our case we will incorporate measurable, trackable benchmarks as discussed below;

 

Increase the sales rate by 30% by issuing discounts on some basic products and rolling out massive media advertising through use social media platforms e.g., Facebook, Twitter, Instagram and LinkedIn and mainstream media such as Television and radio.

 

A: Achievable

This involves thorough evaluation of yourself, an unrealistic goal leads to failure since at the end of the day there will be no tangible results to show. Being ambitious must not be mistaken to mean having unrealistic goals ambition is the impetus behind spectacular achievements. 

 

R: Relevant

At this point you need to identify reasons why achieving the goal set is imperative and which benefit it comes with. Why are you setting the goal that you’re setting? Will the set goal lead to increased profit

T: Time -bound

To properly measure success, there must be set timeline to achieve a certain goal, you and your team need to be on the same page about when a goal has been reached. When will the team commence the task and when should it be completed? SMART goals are time-bound which enables all the participants keep time on track. An example of a case is shown below:

 

TIME-BOUND

Grow organization ‘A’ profit margin by 6% in the first quarter of the year (2022). This will be achieved by carrying out intensive campaigns and giving discounts which is scheduled to begin march 2022.The process will be implemented by use of major social media platforms such as Facebook, Twitter,

Instagram.

References.

Crowley, D. (2015). Smart work. Wiley.

Luhach, A., Hawari, K., Mihai, I., Hsiung, P., & Mishra, R. (2019). Smart Computational Strategies. Springer.