The SMART Objectives of the Business - Essay Example

ESSAY Journal 4/12 The task that was learnt in was exciting and captivating since most of it was to be applied in the corporate world. We learned about the SMART objectives of the business. This implied that the objectives should be Specific, Measurable, Achievable, Realistic and Timely. The objective should be specific in that it should clearly define what its intention is without complexity. It should be measured inters of performance and effectiveness. The same objectives should be achievable to mean that it should be one that can be executed and not a tough one. We also learned that the objective should be realistic and not over ambitious and not involving a lot of finances to be implementated.Finaly the objective should be able to be executed within a particular time frame. It should not take long or too short time in accordance t the management requirement. Journal 2/12/2014.I think the business objectives also need to compliment the mission of the organisation.The objectives could be SMART yet does not follow the mission of the company. Ordinarily this brings misuse and wrong channeling of finances which may bring losses in the company and company diverting from its mission. (Martin, 2009) Work Based learning inquiries. Time management. Having worked in motor manufacturers as an intern I have come to notice numerous aspects that I have been learned in class. Time management has been of the greater concern in most companies.Normally; the organizations ought to finish their task and production on time so as to meet the demand of the customers. (Maxwel, 2014) As an intern I realized that the time was a vital asset in the company. The company had SMART objectives in order to save time. The objective of the company being production of 100 vehicles in a day was achievable and realistic since the company had enough personal and equipment to make the vehicles. This was meant to meet the higher demand of the vehicle across the globe. I observed that Ford Motors objective was measureable and realistic. (Ford, 2013) The company also observes time in the payback period by reducing it to be less than a month. The inventory circulation is 5 days for the vehicles to ensure that the company saves time. The company has also employed competent workers who take little time to do a particular task since they are vast. This goes a long way in saving work. The company also uses motivation to make employees to work harder to save time. The motivation among the employees is done in various ways including provision of incentives, training and proper renumeration.Motivation gives always give the employees a stamina to work harder thereby enhancing the effective performance. Promotion is be and is based on the performance of the employee. This makes employees to enhance the performance of the work through hard work thus saving time. (Anonymous, 2014) Making decisions. In class we also learned about making decisions. I think it is wise for any organization to consider this an important factor since it brings about team work. I realized that in the Ford Motors company. Back in class I was of the idea that making decisions was only for the managers who have the final say However, decision making involved all the stakeholders especially if it is the decision that involves the stakeholders affairs. The company has various ways of making decisions. (Matthew, 2010)The change of top management involves all the stakeholders who vote for the interested parties. Matters that concerns the running of the company are left with the competent elected managers to make decisions.Normaly, this involves top to bottom communication. However if the stakeholders felt that the decisions that have been made by the managers were improper, then they had to intervene to save the company. I think with the introduction of technology, the managers should also use the decision support systems to assist them to make decisions. Ford motors had no such but only designing softwares. Managing change. At the time we were tackling this topic, I thought that change only came with the technology alone but this was wrong. It is imperative that the organization observe the management of change. (SBA, 2013) With the advancement of technology and the changing consumer demands there is need to manage change in most of the organizations so as to be on the competitive advantage. Ordinarily introduction of new ways of doing the normal chores would bring a conflict within an organization. Ford Motors often uses new softwares in the market to ensure that their products come out the best. The company ensures that they train their employees so as to meet the changes, those who resist the change are usually fired from the job. Customer’s feedback and demands are also scrutinized so that their needs are considered. (Ken, 2014) I think it is wise to work with people who can accept change because they are easy to work with. Those who resist change should be avoided, I manage time by involving on the on the job training so that I remain updated. Communication. When I had of communication in the first time I thought that it involved employees alone. I come to know that the business also needs effective communication to stand. The business need to be marketed and made aware among the customers and those who are potential buyers. (Romania, 2013)This is done through social media such as face book and tweeter, print media and broadcst.The financial statement of the organization also need to be communicated to the stakeholders. Ford motors use its financial statements and journals to advertise the health of the business. Communication in the company involves top to low which have made the saving of time through the decision making. (Mercy, 2009) Self and career management. It is vital for individuals to manage their finances well both for business and personal. This can be done through budgeting. In the discussion it was evident that budgeting was important in the existence of any finances. It is important to budget the finances in the business and personal to avoid using the capital of business. I think it is necessary to pay yourself once the business has stabilized. The money need to be ploughed back so as to expand the business. It will be dangerous to pay yourself when the business is not stable. Therefore, the finances should be separated from the business and personal use to avoid use of capital. (WSJ, 2012)There is also the need for the career growth and development so as to improve the performance of the organizational work. Works Cited Ford. (2013). Ford Motors. Retrieved 2015, from http://corporate.ford.com/homepage.html Ken. (2014). Change management. Retrieved 2015, from http://www.businessballs.com/changemanagement.htm Martin. (2009). SMART goals. Retrieved 2015, from http://www.projectsmart.co.uk/smart-goals.php Matthew. (2010). Decision making:an introduction. Retrieved 2015, from http://www.skillsyouneed.com/ips/decision-making.html Maxwel. (2014). Time manaagement. Retrieved 2015, from http://www.mindtools.com/pages/main/newMN_HTE.htm Mercy. (2009). Communication you need. Retrieved 2015, from http://www.skillsyouneed.com/general/what-is-communication.html Romania. (2013). Doing business. Retrieved 2015, from http://doingbusiness.ro/ SBA. (2013). US Small business administration. Retrieved 2015, from https://www.sba.gov/content/marketing-101-basics WSJ. (2012). Personal finance- The Wall Street Journal. Retrieved 2015, from http://www.wsj.com/public/page/news-personal-finance.html Read More