Do you ever notice yourself buying lots of junk at the grocery store if you don't bring a list? The same unplanned behaviour can also happen in the workplace if you don't take the time to set your goals, and the consequences are usually the same – indigestion.

Setting goals takes effort

As a techie, I didn't have the natural inclination for business planning and it didn't take priority with my first two companies. I made rough plans, I didn't track our goals very well and as a result, I struggled to meet them. In my current company, by consulting with our employees and board members, I've thankfully improved (to the relief of many, I'm sure). Because of the changes I've seen in the past few years, I know that setting and tracking goals makes a world of difference.

Many companies feel they are too busy to set goals. I used to feel this way too, but I know that goal setting is more important to a company's well-being than some people will admit. Setting goals will give you direction and allow you to progress towards your vision. Employees really want to know where they're headed, which helps increase employee satisfaction (or "employee engagement" if you've brushed up on your business-speak lately).

Collaborate to gain collective knowledge

It seems that collaboration always produces better results than acting solo. I now hold regular management meetings where we discuss the direction our company is taking or should take. The senior management team doesn't always agree on the same priorities. Once I have everyone's input, I go off on my own, evaluate the options and make the final decision. With comfort in knowing that the collective knowledge has been tapped, I can implement the decisions. Both employees and the senior management team support the decisions and can see how their roles will help fulfill the company vision.

We've also created lunch sessions to update employees and discuss how to better achieve our goals. The frequent and creative input allows us to re-evaluate our strategies, change tactics and continuously improve our processes.

Another important thing is tapping into your board of directors. You do have one, don't you? I'm surprised by how many companies like ours don't have a board of directors or even an advisory board. One friend of mine reminds me that he is the board (along with his wife). They hold meetings over a couple of beers on their back deck. I'm not sure what he does for his winter board meetings. Maybe he has a few extra bottles before heading outside. Regardless, the benefits of a board of directors can't be denied. And I recommend that you use a board for goal-setting and to hold you accountable.

Set goals where you want progress

There are four key goals to which I think companies should devote extra energy:

Employee engagement

My management team and I set targets for each goal and we commit to measurable actions that will help us to achieve them. For example, to ensure we are improving employee engagement, we've aimed for 90 per cent of our current employees to still be with us at the end of next year. Similarly, our top line and bottom line goals focus on desired profit and bookings – all of these goals point us in the right direction to becoming a sustainable company.

Companies differ and your issues might not be the same as mine, so make sure you establish your goals accordingly. For example, if you are a venture-funded startup, you won't focus on profit or revenue in the early years. Instead, you will focus on surviving using your funding to develop your product in the least amount of time – without running out of money. So think SMARTly: choose Specific goals that are Measurable, Achievable, Relevant and Timely.

To further include employees and management in the paving of our company's success, I had each of us write down our individual goals for the New Year and identify how they will contribute to the company's overall goals. It's not enough to set goals and hope everyone diligently keeps them in mind; give employees a sense of ownership and responsibility in the workplace.

Inform your stakeholders

Employees and your management team aren't the only ones you should involve in the shaping of your company's success. Your other stakeholders should also know your goals. Your trusted suppliers, your bankers, your shareholders, etc, all care about your success. If they know your goals they can do their part to help you meet them. Even your friends and family could help you out if they know where you want to go.

It's not too late to set your goals. You've already waxed your skis, finished your Christmas shopping and we're still a month away from the New Year. Why not create a rough list of goals, share and collaborate with others in your company and record your progress over the course of next year? I promise it will be one of your more productive resolutions for 2008.

Michael Wakim is president of Fidus Systems, an Ottawa-based electronic design services company. Fidus specializes in electronic product design for the communications, aerospace, defence, transportation, automotive, storage and memory, consumer products, biomedical instrumentation and industrial control markets.

---

* To print this page, click on the "Printer Friendly Version" link above. When the new window opens, right-click with your mouse in the new window and select "Print".