
Warren Buffett and Secrets of Management - 50
While Buffett isn't shy about expectations and putting forth yearly goals for his managers, he does talk about being realistic in your expectations.
Some of the most disempowering strategies are to arbitrarily set goals that have no basis in the reality of the market a business serves.
Workers and managers that don't believe they can reach the goals set before
them, are discouraged, tend to give up, don't try as hard, and basically become self-fulfilling prophecies.
The healthy way to do it is to set goals that stretch the manager and workers, while they knowing at the same time that they are attainable.
When setting goals for managers and workers, we need to put them together and present them to them - not impose them upon them. Get feedback. See what they are thinking.
This doesn't mean that goals that challenge workers should be disgarded simply because it will take some work to reach them; but feedback and reponse will help to let workers know that they've had a part in the process and gives them ownership in it.
When we do set goals, it needs to be for the benefit of everyone, not just to make ourselves look good with expectations that are impossible to meet.
A number of companies have made goals so high that managers will do things that are even illegal to attempt to reach them. Things like having people work off the clock to get the job done without paying them overtime. This shouldn't have to be done to achieve attainable goals.
Other Buffett Resources:
MSU students have special visit with billionaire Warren Buffett
Sticking to what you know Core businesses
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