As we enter June, companies are approaching the half-way point of the year. That’s a great point at which to re-evaluate your company’s yearly goals. But where do companies start? How do you re-evaluate and then get back on track if you fell off?
Define the goals to re-evaluate.
The first step is to define the goals you most need to re-evaluate. It’s good to keep monthly and quarterly track of your financial goals, for example. But in addition, did your company chart any new goals for the year? Were hiring goals changed? Were there essential deliverables, such as a company handbook?
Also, many companies set goals that are SMART – an acronym for specific, measurable, attainable, realistic, and time-based. Is June an end-point for any SMART goals? Is so, it’s time to assess.
Assess the achievement of the defined goals.
Once you’ve selected the specific goals, assess how well the company has done at achieving them. If they are financial goals, determine how close you are. If they are project- or deliverable-related goals, evaluate whether or not they were achieved.
If the goals set for the first half of the year were achieved, great! Kudos to all involved. The task here is to set the next target.
If you did not meet your goals, however, assess why. If you fell short of a goal, identify the issues involved. If your financial goals were not met, for example, was it due to one-time events, such as the COVID-19 pandemic? If so, assess what the next several quarters are likely to bring. Or was it due to other factors, such as changing markets, products, or elements in the business environment?
If you exceeded goals, what would the next steps be?
Rethink the goals.
Now, you have a list of whether or not the goals were met, plus identification of the reasons why. The next step is to rethink your goals. For purposes you met or exceeded, what should the next steps be? If the company did well financially, for example, should your next step be expanding into another market? If you successfully developed an employee handbook, what new steps in human resources does the company need to continue to develop?
Conversely, if you didn’t achieve your goals, think through what the next goals should be in light of your identified reasons. For financial results, did you have to shut down during the spring? Did a product prove unpopular? What should you do in light of the shortfall? Cut your staff or retrench?
Develop revised SMART goals
From these re-evaluations, it’s time to develop revised SMART goals that will either continue on a path of success or accommodate changing conditions. Then, over the next six months, evaluate the achievement of those goals consistently.
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