Managing for Today and Tomorrow

1. Managing for Today and Tomorrow Introduction Part Two Goal Setting for Farmand Ranch Families

2. Goal Setting for Farm and Ranch Families What are Goals? How is Goal Setting Used? Seven Steps to Setting Goals Developing SMART Goals Prioritizing Goals Avoiding Goal Pitfalls

3. What are Goals? • A goal is a statement of what an individual or family wants to achieve. How is Goal Setting Used? • Provide focus and direction for management. • Serve as reference points. • Aid decision making. • Serve as a rallying point for the family or management team.

4. Seven Steps to Setting Goals • Assess where operation was in the past. • Assess family, farm and ranch resources. • Develop a general management plan. • Identify and establish specific goals and objectives. • Prioritize goals. • Develop plans for action and implementing goals. • Measure progress and reassess goals.

5. Developing SMART Goals S pecific M easurable A ctionable R elevant T imely

6. Prioritizing Goals • Which goals are most important for family well-being? • Which are short-term goals? • Which short-term goals conflict or impede long-term goals? • Which short-term goals do not support any long-term goals? • Which goals are so important that they should be attained even if it prevents reaching other goals?

7. Avoiding Goal Pitfalls • Try not to: • Make goals too lofty. • Do too many things at once. • Overemphasizing quantitative aspects. • Leave yourself vulnerable to unexpected events. • Fail to use all information. • Make goals without including all decision makers. • Ignore good plans once you develop them.

8. Goal Setting Worksheet

9. Goal Setting Benefits Important to individuals and families and the business interrelationships. Allows individual and family goals to be communicated while setting farm or ranch priority goals. Revisiting goals annually provides a forum for discussion. Goal-directed management improves farm and ranch efficiency. Reaching goals gives a feeling of accomplishment and pride.