Kent Gilmore, President of Nahan Printing talked yesterday about business strategy. He’s an engaging speaker who brought business concepts to life with his experiences and anecdotes. The ideas he shared were absolutely relevant to members of my roundtables.
One concept caught the attention of the audience. Kent talked about goal setting and the importance of setting “noble” goals. Noble goals go above and beyond what most companies set for themselves. Here’s an example:
Decrease cost of scrap & rework by 5%.
Decrease cost of scrap and rework by 50%.
If your company set the typical goal [above] and achieved a 3% reduction in scrap and rework, it makes a difference, but you missed achieving your goal by 40%!
However, if your company set the noble goal of reducing scrap and rework by 50% and it achieved 30% – you have real cause for celebration!
Maybe it’s time to start developing noble goals. Which noble goal will you set that will add the most to your bottom line?
Here are some goal setting suggestions:
Start anytime •Goals don’t have to start on January 1st and be completed on December 31st.
Write them down •Post where everyone can see them and be reminded every day of what needs to be done.
Make an action plan •What will you do every day to move one inch or one step closer to achieving your goal?
Track progress •A mentor of mine once said, “If it isn’t measured, it doesn’t matter.” Track your progress.
Involve others •A leader understands synergy and team work. Involve your people, inspire and engage them. People are where the magic begins.
Welcome failure •Failure is an important part of the process, learn from it and keep going.
Persist •Don’t give up. There may be many paths leading to the same destination. Try different methods, learn and improve. Be patient. Be persistent.
Celebrate •Celebrate the steps you take that move you closer to your goal; recognize that you’ve just shortened the path to your destination. Enjoy the moment.