QUESTION:

ANSWER:SMART GOALS

INTRODUCTION- This kind of goal setting is especially useful when working with Gen Y
employees who have grown up surrounded by this approach in schools and universities. SMART
goals are specific, measurable, attainable, realistic and timely. The SMART framework is
designed to help create goals that are clear, carefully planned and easy to track. There is a
number of interpretations of the acronym’s meaning. But according to the most common
approach, your goals should be as in specific, measurable ,achievable , relevant and timely. The
SMART method helps push you. Defining these parameters as they pertain to your goal helps
ensure that your objectives are attainable within a certain time frame. This approach eliminates
generalities and guesswork sets a clear timeline and makes it easier to track progress and identify
missed milestones. The SMART goals were first outlined in 1981 by George T. Doran in volume
70, issue 11 of management review. Often used for performance reviews, the acronym is
intended to help a manager or other employee who is tasked with goal setting to clarify exactly
what will be required for achieving success and to be able to share that clarification with others.
Although it is used in professional settings , SMART goals can be used personally as well.

CONCEPT- The SMART acronym has been tweaked over time and continues to vary
depending on the person or business using it. At present the SMART acronym refers to the
following-
Specific: Well defined, clear and unambiguous.
Measurable: With specific criteria that measure your progress toward the accomplishment of the
goal.
Achievable: Attainable and not impossible to achieve.
Realistic: Within reach, realistic and relevant to your life purpose.
Timely: With a clearly defined timeline including a starting date and a target date. The purpose is
to create urgency. While the SMART approach provides a structure for well articulated goals,
there are other important components of the team goal setting process.
* Align with company priorities . Before meeting with your team , meet with your manager.
Make sure you are clear on the organization’s performance expectations of the team. These will
serve as a roadmap for the SMART goals you co-create with your team.
* Identify your contribution . Remember that you, as the leader are part of the team too. You
have work to do to make sure that goals get accomplished. When you make your contributions
transparent as part of the goal-settings process, your staff will know that you are a contributor in
achieving the team goals.
* Listen to your team . While the company priority provide the higher-level guide , you will need
more information to develop quality team goals. Your team member have insights for you on
what can be improved and innovative ideas for how to demonstrate success. Creatively engage
your team in these conversations and listen deeply to identify key ideas for setting and achieving
team goals.
* Solidify buy-in. At the buy- in stage , your job is to make sure that no team member is left
behind. Everyone should feel very committed to the goals and to making the work –related
changes needed to achieve those goals .
* After determining team goals, give people the autonomy to develop their own goals. Based on
their function, they should be able to determine key initiatives and goals that will support the
greater team objectives.
* As you create your marketing goals and objectives, determine your targets for each channel.
These probably won’t be equal across all channels. Your marketing targets should depend on the
behavior of your desired customer base and your customer engagement strategy.
* Your visual marketing plan should be a one-page document that outlines your key goals,
objectives and the timeframe for achieving them.
*Marketing and sales go hand in hand. Your marketing efforts exist to increase sales or
conversions. Therefore, when setting your marketing goals, you should ensure that sales and
marketing goals are aligned and complement one another. If you don’t already have a defined
monthly sales target for your team, work backwards from your company’s annual sales target. If
you are setting a quarterly revenue goal for your team.
* Seeing huge target numbers can feel overwhelming or impossible to achieve. By breaking
down your goals into monthly and quarterly targets, you will make them feel much more
achievable . In addition , the team gets a buzz and a burst of motivation each time it hits one of
its interim goals.

CONCLUSION- WHY IS IT IMPORTANT TO USE SMART?

It can improve your ability to reach them by encouraging you to define your objectives and set a
completion date. The way success will be measured and the goal’s connection to broader
company priorities. It also creates a roadmap for scoping the work and drafting a plan of action.
It helps you take your grant from ideas to action. Working with your employees to set goals
helps strengthen a culture of ongoing feedback and open communication. Employees with
clearly outlined goals are also in a prime position to push themselves, meet new challenges and
feel aligned to big picture initiatives. Helps you visualize your specific goals. SMART goals can
help you break down your big, broad dreams into a series of specific, actionable steps and
micro-goals.

QUESTION:

ANSWER: BALANCED SCORECARD

INTRODUCTION- A traditional balanced scorecard examines the initiatives of a company

from four different perspective: Financial, Learning and Growth , Business processes and
customer. A balanced scorecard ( BSC ) is a visual tool used to measure the effectiveness of an
activity against the strategic plans of a company. Balanced scorecards are often used during
strategic planning to make sure the company’s efforts are aligned with overall strategy and
vision. In the past , organizations tended to focus on primarily financial metrics and objectives to
manage their business and develop strategies. While finances and revenue play an important role
in the health and performance of any business , this focus gives an incomplete picture of success.
The BSC is used to gather important information, such as objectives , measurement , initiatives
and goals that result from these four primary functions of a business. Companies can easily
indentify factors that hinder business performance and outline strategies changes tracked by
future scorecard. The score card provide information about the firm as a whole when viewing
company objectives. An organization may use the balanced scorecard model to implement
strategy mapping to see where value is added within an organization. A company may also use a
BSC to develop strategic initiatives and strategic objectives.

CONCEPT- A balanced scorecard is a performance metric used to identify, improve and control
a business’s various functions and resulting outcomes. The concept of BSC ‘s was first
introduced in 1992 by david Norton and Robert Kaplan, who took pervious metric performance
measures and adaptable them to include nonfinancial information. Forever young private limited
is an unlisted private company incorporated on 29 may, 2015. It is classified as a private limited
company and is located in new Delhi. A BCS measures organization’s performance few
perspective , including:
FINACIAL PERSPECTIVE- The financial perspective measures strategies a plans that help
increase revenue and manage a business’s financial risk. An organization achieve these goals by
meeting the needs of customers, shareholders and suppliers. Also, the financial perspective
scorecard measures metrics such as profitability ,operating cost and return on invest or ROI.
Forever young , is authorized share capital is INR 25.00 lac and the total paid-up capital is inr
25.00 lac. The final piece of the puzzle is the organization’s financial state. Yes, this is the
perspective too often over emphasized in the past. But, through finance are lagging indicators of
past decisions, they are still an important part of any organization’s health and to understanding
overall performance and creating strategies for the future.
CUSTOMER PERSPECTIVE- To examine your company’s activities from your customer’s or
stakeholder’s perspective. Some claim that this traditional approach to balanced scorecards does
not fit every industry or business. So some of today’s balanced scorecards will feature