Knowing how to set business goals and align them with personal goals can increase productivity, profits, and team motivation.
Business goals don’t always have to reflect the personal goals of the team, nor those of the owners or management. However, if the people in a family business start to think that their work doesn’t provide them with benefits or growth, their productivity and outputs may suffer.
A good leader and manager needs to have the interest of the family business in mind, as its purpose stands above that of any one person. However, that becomes impossible when the people don’t feel valued, including the value the family business owner is bringing to their own life.
Setting the business goals in accordance with personal growth of team members and their plans will help them reintegrate into the family business and keep productivity and morale high. These are some of the most effective methods for team alignment.
Tip #1: Know the Mission & Vision
The vision of the family business is the ultimate goal and the purpose behind its existence. It serves as an imperative and puts the family business as a timeless entity that solves a particular problem in society. The mission, on the other hand, is the way it operates and how it plans to achieve the vision.
Keeping the mission and vision statements clear and easy to remember helps ground the team, as well as the leaders, allowing them to become part of a well-oiled machine that provides the best service possible.
Tip #2: Make Goals SMART
You may already know all about SMART goals – those that are Specific, Measurable, Achievable, Relevant and Timely. Ensuring that all goals and mission statements of your family business abide by these measures allows management to have an easy overview of how the team and the various departments perform against expectations. SMART goals benefit from being easier to break down into component pieces, allowing for more straightforward task allocation, management, and reporting
Tip #3: Focus on Goals rather than Incentives
Providing team member with incentives doesn’t give them a lasting benefit or change their way of operating within your family business. These temporary solutions usually only hurt long-term performance and productivity by enforcing a culture of coercing your team to finish work to receive a reward. Instead, you should think about how to treat team members as part of your family business and find out how you can help them achieve goals for their family needs too.
Tip #4: Ensure a Good Cultural Fit
Family business owners usually have the final say on the formalization of culture and statement. And team members who don’t align with these goals won’t further the vision and may clash with management and other team members.
Properly vetting candidates for important business positions will ensure their goals align with both the leader’s personal goals and the mission statement of your family business. For example, an interviewee that looks perfect on paper but lacks the teamwork needed for the role probably won’t relish a team environment
Goals for your fmaily business are usually relatively clear: achieve the vision and make a profit. However, team member’ personal goals can be different and more complex and thus, will need to be tackled on an individual basis for the overall family business to succeed. With proper management, transparent communication, and a goal-oriented culture, your family business can accomplish growth and align members with its vision.