Common Goal Setting Mistakes (Business)
Generally, each active man has a goal that requires him to do action, consequently he makes serious efforts day in and day out that give him a lot of benefits in the long run in the shape of success by blessing of Allah. Here we will discuss the corporate goals that are made under the umbrella of a Project having multiple goals. It is said that hard positive labor with believing in God must give fruitful consequences.
Making mistakes are common, but when goal setting mistakes are occurring they hurt the project badly. The project activities are slow down. The passion of the project resources is reduced. The project employees are discouraged and future of the project is in doldrums. To streamline the goal setting, a lot of labor and other steps are carried out that increases the cost of the project as all projects related plans are to be revisited. The ten common Goal Setting Mistakes relating to the project are given below:-
1. Under-estimation of Project Cost: The first goal setting mistake is underestimation of the project cost that slows down the project activities due to shortage of fund. To keep the project intact refunding is needed that is not an easy task as a lot of bottlenecks are involved in getting funds. If the arrangement of refunding is not made, the project comes to failure.
2. Under-estimation of Time-Line: The 2nd mistake is a wrong estimation of the timeline of the project. On account of this, the project is not completed within the timeline; accordingly addendums are made to extend the timeline that increases the cost of the project along with the duration of the project.
3. Some aspects of Goal are illogical: The illogical goal setting can never be materialized. It makes hindrance in the project activities. The project activities have to be revisited that involves time, labor and money.
4. Lack of Updating and Review: The project goals should be watched and monitored whether they are flexible or inflexible, whether they are logical or illogical, whether they are practical or impractical as well as whether they are fully briefed or not briefed in writing.
5. Underestimation the opponents: Before goal setting the opponents, i.e. similar end-products manufacturer must be fully observed as underestimation the opponents may hurt the project.
6. Unforeseen aspects are not predetermined: Before goal setting unforeseen aspects must be determined, it will blunder if they are not considered before goal setting.
7. Legal aspects are not determined: Before goal setting legal aspects must be taken into account. What is the legal binding of the goals? What is the legal responsibility of the Project Manager? What is the legal status of the Project? To view all these legal aspects is a success. If goal setting lacks legal aspects it is a mistake that must be avoided.
8. Duties and Taxes Clauses are not mentioned: Before goal setting duties and taxes must be considered. Who will pay duties and taxes – buyer or seller? How much duties and taxes will be paid? What is the rate of duties and taxes? All these must be determined before goal setting.
9. Payment Clause is ambiguous: Before goal setting, it must be seen whether the payment clause is clear or not. How much payment will be made on delivery / supply? What is the criterion of payment? All these aspects must be clear before goal setting.
10. Political Situation is not considered: Before goal setting the political condition of the country where the project activities are to be carried out must be considered minutely because the success of a project depends upon the political condition.