Pastor Welcome Thamsanqa Mlungisi Dlalisa
Last week we spoke about the power and the importance of having a vision. The vision sets out the “where” in the short terms and the long term for your business. This week, we tackle goal setting, or target setting, which is a tool that helps you to break your broader vision into smaller, manageable targets for one, two or three years, all the way up top five years.
Before we explain how to set business targets, we need to define and describe what this entails. Goal setting is the process of deciding what you want to accomplish and devising a plan to achieve the results you desire. For entrepreneurs, goal setting is an important part of business planning.
This definition suggests that goal setting is divided into three parts or stages, namely, short term, medium term and long term. Once you have defined your vision (where your business is going), you need to plan how you will get there in the short, medium and long term.
The short-term plan usually involves the projects and initiatives you’re planning for the first year. The medium-term plan looks at years two to four, while the long-term plan typically looks at year five and beyond.
It is important to have a long-term plan. This will help you to think strategically about the future of your business.
In addition to your short-, medium- and long-term plans, you need to determine your measurement criteria.
These answer the question, “How do you know if and when you’ve met your goals?”
Those who measure your performance will use these criteria, which are set out upfront. They are also known as “key performance indicators (KPIs)”.
Some organisations use the balanced scorecard (BSC) as their tool to measure organisational performance. Individual performance is measured through an individual performance plan.
The BSC includes the following elements, which are constantly measured, namely, financial, internal business processes, customers and learning and growth.
The unfortunate reality is that most SMMEs measure financial goals only. That approach is not holistic. It lacks goals on the learning and growth, customers and internal processes elements. Unfortunately, you will not do anything you haven’t set targets and measurements for. That means your people will not develop their skills in line with “learning and growth”, you will not grow your client base and you will not develop or introduce better internal processes.
Let me come back to goal setting. All goals must always follow the SMART principle. This means:
1. S – specific, significant, stretching
2. M – measurable, meaningful, motivational
3. A – agreed upon, attainable, achievable, acceptable, action-oriented
4. R – realistic, relevant, reasonable, rewarding, results-oriented
5. T – time-based, time-bound, timely, tangible, trackable
The reason big businesses seem to get bigger and better (internal controls and efficiencies) is that they have a vision and have set goals (short term, medium term and long term) which are reviewed annually.
I have started a programme called the Joseph Achievers Mentoring (JAM) programme. The programme is based on Joseph in the Bible, who rose to a strategic position as a result of the dream that he had.
This programme is aimed at supporting all residents of Tembisa. It targets mainly young entrepreneurs, young professionals, university students and high school learners. It offers a range of support initiatives, including career guidance, training and mentoring.
Many have enrolled in the programme and receive business management training and mentoring.
Miss Thandeka Langa, a former learner from Tembisa West Secondary School (class of 2016) and student of the JAM programme, has won a full bursary to study business management in 2017. In the next issue of Tembisan, I will share more on this story.
I challenge you to enrol for JAM in order to propel your business to new heights, or even if you’re as a student. To register for JAM, send an email to dlalisa.rhi@gmail.com or call Pastor WTM Dlalisa on 083 395 1165.
