When determining new goals it’s not enough to doggedly follow long-established criteria, write Martin Reeves and Jack Fuller for MIT Sloan Management Review. In an increasingly competitive landscape, it’s essential to look at your aims in relation to the climate your organisation inhabits.
You’re probably familiar with the acronym SMART; it directs that goals should always be specific, measurable, achievable, realistic and time-based. This well-respected formula makes excellent sense for solid companies in a steady market with easily foreseeable outcomes. However, it’s not so useful for businesses in less assured environments where other competitive considerations come into play.
“It’s hard to manage to specific, time-based targets when demand, technology, business models and competitor sets are incessantly shifting, as is common in emerging or recently disrupted industries, like genetic testing services or augmented reality technology,” say Reeves and Fuller.