How to Create a Strategic Plan With SMART Goals

The key to growth in a manufacturing business is to set goals for the results you would like to see. A business cannot succeed unless everyone has a clear understanding of what they are working toward.

If you are hoping to accomplish LEAN Manufacturing, you will want to incorporate realistic and effective goals. At MANTEC, our experts can help your business develop SMART goals to improve your ROI. In management, achieving SMART goals can help drive results and productivity.

What is The SMART Business Model?

SMART strategic planning is a management process that helps facilities stay on track toward goal achievement. In other words, a SMART implementation plan involves setting objectives for workers, systems and production lines that would lead to benefits such as efficiency or waste reduction. The “SMART” acronym stands for specific, measurable, achievable, relevant and time-bound efforts. Using the SMART principles, facilities can start accomplishing their strategic planning goals.

1. Specific

The first stage of “SMART” goal planning is to focus your attention on what exactly you want to accomplish. Set goals that are specific and will elaborate on a general idea. If you say you want to “increase sales revenue,” rephrase your thought process to include how you will make it happen.

Using who, what, when, where and why questions will make your mission more specific to share with other employees. The following specific goal serves as an official game plan for a manufacturing business:

• I want to increase sales revenue by 30% this year by using the sales team to reach more clients.

2. Measurable

A goal that is measurable uses metrics to record progress. Never just assume that your efforts are working when you can provide tangible evidence of success. Decide what data you can track to better decide if your efforts are on schedule.

Manufacturing businesses can determine success by measuring data points, such as:

• Accuracy rates
• Revenue or income
• Customer satisfaction reports
• Feedback
• Turnaround times

3. Achievable

Goals must be achievable based on current skills, resources and knowledge. Achievable goals can still challenge your team, but it is important to set goals that are not destined for failure.

If you set a goal and it is hard to see how you will accomplish it, you probably need to re-evaluate this stage of the goal-setting process.

4. Relevant

SMART goal planning will consider the importance of the results you are after. Are your goals going to benefit the entire organization and align with its morals? Relevant objectives are worthwhile, beneficial and applicable.

5. Time-Bound

Choose an end-date for your business efforts. This portion of the SMART planning process should factor into each part of the “SMART” acronym. Timelines for completion enable you to create positive motivation for keeping improvements on schedule.

Deadlines might be different for each part of your manufacturing team. However, setting up periodic reviews across your timeline is great for making sure efforts are in line.

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Setting Objectives in Manufacturing Strategic Planning

SMART goals are pivotal for the manufacturing industry as managers can encourage employees, get teams on the same page and see results. Begin necessary change by implementing goals for teams and see how employees adapt to your new organizational structure. LEAN Manufacturing is possible for your facility when you unite your entire company through a shared SMART goal.

Smart Planning Model Benefits

A well-communicated mission can provide your business with the following benefits:

• Waste reduction
• Increase in employee productivity
• Increase in sales revenue
• Less standing inventory

Contact MANTEC for Consulting Services

MANTEC wants to help manufacturing businesses increase their return on investments. We are the best resource center for manufacturing companies in South Central Pennsylvania. Our experts provide ongoing support for efforts behind pricing and customer satisfaction.

Give us a call or Contact MANTEC today for more information about our consulting and traditional services.