December 12, 2007 - The art of setting and accomplishing goals

Do you ever notice yourself buying lots of junk at the grocery store if you don't bring a
list? The same unplanned behavior 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:

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, defense, transportation, automotive, storage and memory, consumer products,
biomedical instrumentation and industrial control markets.