Goal Setting Framework
There are many benefits to setting goals, both professionally and personally. Goals help you to stay focused and help set barriers to provide a clear way to reach a higher level of success. “Goal setting influences the motivation to discover ways to attain the goal” (London & Mone, 2012, 3.4). When you set goals, they motivate you to be more observant and creative at finding ways to achieve these goals. However, goals can be difficult to set and achieve in some situations. Certain situations such as the rise in cost of paper create a domino effect. The cost of paper rising sets into motion other issues such as the decrease in revenue as well as the decrease in advertising revenue. Setting goals to help rectify these situations becomes a necessity in order to continue the success of your organization. With this paper I will describe goals along with the corresponding strategies that will help achieve and measure the success of these goals.
Cost of Paper Rising
The term inflation in economics is generally defined as the increase in prices and the fall of the purchasing value of money. Throughout the years, the cost of paper has risen along with inflation. The first goal to set is to reduce the amount of paper that is being used without reducing the quality of the final product. Utilizing a few strategies that could “define how a goal will be achieved” (London & Mone, 2012, 3.4). By incorporating different tactics, such as contract bids, you can decrease the amount of spending for paper. By selecting a bid that is lower cost but taking into consideration the quality that can be achieved, you have a better chance of decreasing costs but maintaining quality. Another strategy that could be considered is to make the paper onsite. This could cut the costs over the long run and you would have more control over the quality. However, the price upfront would need to be considered. By taking into consideration the cost of using a distributor versus the cost of implementing and making the paper onsite over a certain number of years you can decide which would be the best option for the long run of the company. “The measures of success bring further definition to the actual intent of the goal” (London & Mone, 2012, 3.4). Ultimately you can measure the success of the strategy utilized y collecting data on how much cost savings is accrued over a certain amount of years.
Circulation Revenue Down
In magazines and newspapers, circulation is the number of paid subscribers that they have. Circulation is a source of revenue that help publications gauge as to their ability to generate advertising revenue. It is not to be confused with readers, since generally most publications have more readers then circulation. The circulation number for LA Tribune is quite low and can have a drastic affect on revenue. The goal would be to increase the circulation area and to do this increase the number of sales representatives. We have all heard the term it takes money to make money. One tactic I would suggest would be to increase the sales force. All though this would increase the cost of employees, it would also bring in more sales. I would also increase the number of sales meetings and look at different tactics to help motivate the sales representatives to get more sales, such as the possibility of sales awards both monetary and non-monetary. This goal could be measured by doing monthly and quarterly reviews to evaluate the circulation numbers vs. the increased in employees.
Advertising Revenue Down
Advertising revenue is how much money is earned from selling advertising space or time in your publication. This is applicable to all forms of media: print, broadcast and digital, as well as Internet and mobile. Small business owners need to pay attention to both circulation and advertising numbers to calculate how many people they can reach through public relations and advertising efforts. With internet-based media print advertising has seen a decline and online advertising revenue has increased. The goal here would be to increase advertising sales by lowering the rates associated with them. One method to decrease the rates but increase advertising sales would be to offer pay-per-click or pay-per day rates via a website. Since targeted adds are the most frequently clicked on, algorithms could be built to collect data and analyze the audiences to target. You can then choose certain websites that are most frequented to gear advertising towards for targeted consumers. You could choose companies that cater towards a larger demographic to help streamline the company’s website. Other ways to generate traffic to the website would be to add links to other websites and obtaining highly ranked search engines for the keywords provided. The success of these strategies could be measured by evaluating the increase of traffic and revenue by utilizing these strategies.
In conclusion, inflation has caused the cost of paper to rise, additionally both circulation and advertising revenue are on the decrease. These all directly affect the bottom line of the organization. Resolving these issues by setting goals along with strategies and measurements for the success of these strategies is the key to ensuring the long run success of the company. Goals and success go hand in hand. Goals will help you to stay focused and more motivated. By looking at how much revenue has increased after implementing these strategies you will be able to measure the success of your goals.
London, M., & Mone, E. (2012). Leadership for today and the future. San Diego, CA: Bridgepoint Education, Inc.
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MGT 460 Week 3 Assignment - Goal-Setting Framework.docx