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Essay on SMART goal setting
Essay on SMART goal setting
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During the progression of the BA 345 Principles of Management the class was prompted to create a personal strategic plan related to the interest and guidance towards a specific SMART goal. Whether it be career, business or personal goals I fully believe in the proven importance of goal setting along with correctly planning.
My personal goal is to get to a point in my career in the financial field where I am financially stable and experienced to the point where I am able to leave whatever corporate financial job I have at the time. I would like to leave that position to pursue self-employment as a day trader. Like most people the idea of the freedom’s related to self-employment is attractive and I am no exception, these goals relate to both
Strategic Planning—the process of developing a plan to achieve organizational purpose—is a management tool used to focus a workforce’s energy. Strategic planning ensures that the workforce achieves an organization’s mission. It is used by large organizations to increase the chances for long-term growth and profitability (Auka, 2016). Lockheed Martin’s strategy is well-aligned with the organization’s mission, vision, and values, reviewed carefully by a well-qualified team, and regularly measured against the appropriate objectives. This has positioned the corporation for success.
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
Kaufman, Roger. Strategic Planning Plus: An Organizational Guide. Sage Publications, Inc.: Newbury Park, California, 1992.
It tells a layman business person or a person interested in setting up a business soon that a strategy is about planning for the future. It is to plan the future in a way that makes it easy for the managers to set up objectives and for the employees to follow those objectives (McKeown, 2012). The book gives examples of successful business persons and how they made their business strategy when they came into the business field. There are examples of people, who found success instantly, and there are also examples of business persons who struggled at first, but then after reshaping the strategy they were able to effectively conduct their business. It is very helpful for new entrepreneurs to know about these strategies so that they could also learn and implement it in their
Strategic Plan: Strategic plan is a complete packege of statements which describes the purpose and ethical conduct for a company together with the focused strategies designed to reach the targets. It is normally have conduct for few years. The main objectives of strategic plan is to take the company towards the expected vision. It can be defined as, 1. A set of procedures for making decisions about the organization’s long-term goals and strategies 2.
Strategic planning consist of four steps starting from defining the company’s mission. When talking about a mission were talking about a certain phrase or slogan for say, that is intended to draw attention to customers and make them want to be even more loyal to the company. For example Walmart says, “Save money. Live Better”. Therefore, Walmart’s mission would be to let people know that they have low prices all day every day, insinuating that their products are affordable for everyone. This is a good mission because it gets the majority of the people in this world to want to go out and save money on their everyday necessities and even luxuries. The second step would be to set certain objectives and goals for the company as well. For example, CVS did use “Health is everything” as their mission and this didn’t just set out for a name it became a goal as well. Sooner or later you must set goals on your mission to understand the level that you need to get to and reach. Another example of a goal that I believe CVS set was to start selling healthier products. In the chapter it says that CVS stopped selling tobacco and other products that
Task 1. Be able to assess personal and professional skills required to achieve strategic goals
...ganizations to set future goals and develop a plan to reach those goals. Strategic planning also examines factors both externally and internally by evaluating the strengths, weaknesses, opportunities and threats (S.W.O.T.) to the organization. Although there are many theories and models that organizations utilize in strategic planning, such as equity theory, expectancy theory and reinforcement theory assist them in doing a better job, there isn’t much literature on how strategic planning affects fast pace businesses such as health care organizations. Without these types of models in place, many businesses would suffer. Whether it is someone’s personal life or an organization, a good plan is needed for guidance and success. By possessing the tools and competency about change management, leaders will be able to implement an effective change within their organization.
Strategic planning is done by the highest levels of an organization that goes threw three major phases. These phases include the formulation phase, the implementation phase and the evaluation phase. () These all play a great role for making the best possible way to carry out an action. The formulation phase is when a plan is initially developing and thought about as a way to help a business. The implementation phase is when the plan that was thought of is carried out. The evaluation phase goes over the success or failure of the plan and what could be changed and what shold have been done on the first place that could have helped the plan work. In order to come up with a plan, there must be a reason for it. This is known as the m...
In the strategic of planning have various steps that affected the effectiveness of firm or organization. If wrong way in formulation strategic planning the firm performance become decrease. A strategic plan will helps to manage our organization. It will help to keep an organization on track and focused on the future. The strategic plan as a shield that covering all the aspects. The strategic plan also an important role in every organization setting. A strategic plan is a document that used to communicate the organization objectives, action needed to accomplish the goals and other critical element during the planning exercise. The simple strategic plan that have just six core elements such as vision, mission, core values, strategic areas of focus, strategic goals and an action plan. The distinct strategic objectives should be aligned with the strategic
The primary motive for organizations to do strategic planning is to learn and to make decisions about the future of the organization based on that learning.
As stated above, supported by Mathis R.L and Jackson, J.H (2012), the strategic plan of an organization emanates from its vision and mission. Such plans are reached after due consideration of the factors which affect the success or otherwise of the processes and outcomes of such plans. These factors are both internal (the strengths and weaknesses available in the resources; both human and material within the organization) and external (the threats and opportunities available outside the organization; dynamism of the business world, globalization trend, the impact of information and communication technologies on world business). As mentioned by Whittington (2001) cited by Pilbeam & Corbridge (2010), senior managers who come up with strategies for their organization should do so considering two dimension; the processes of such strategies and the outcomes. According to him, the processes are either deliberate or emergent while the outcomes are either profit maximization or pluralist in nature (including other goals and interests of the organization). In my under...
The personal plan has enabled me to track myself on my developmental changes that are important for my achievement of set goals. Planning has also allowed me to keep track of all the steps that I will need to acquire skills and knowledge. I have also been able to see that if I continue in my current method I will not achieve all of my goals and through techniques such as SWOT analysis I have identified these areas and begun to create methods to fix this problem. The basic purpose of this essay is to point out my personal and professional skill development because these two areas are interwoven.
A strategic plan is a “living” document that changes as your goals and resources evolve.
When planning for our future it is important to have clear goals in mind and to understand the steps that need to be taken to achieve those goals. My long-term goal is to run my own counseling center and employee at least one other person. Some Skills I already possess that will allow me to succeed with this plan are my ability to relate to people and be consistent in following the steps needed, even though it will be a long and tedious process.