In recent months, one of the most common questions I've been asked by my clients is "How can we set attainable goals in this 'down' economy?" The truth is I don't think the economic cycle makes any difference in setting realistic goals as the core principles remain the same:

1. Hire people who have a track record in achieving their goals
It may seem inappropriate - or downright weird - to be talking about hiring in the current climate. But you've hired before, and you'll hire again. Through seven recessions, I've seen organizations again and again miss the single biggest opportunity inherent in any downturn - the opportunity to rebuild your team stronger than it ever was before.

Keep your hiring processes in place, and well honed. When you do start hiring again, don't just take the "first live pulse" that comes along, or settle for the "least worst" candidate - instead, commit to using the opportunity to raise the average competency level of your team. (Savvy managers know to start re-hiring just ahead of an economic recovery, when there is a good pool of candidates and less competition.)

Perennial under-achievers don't change - as you start rebuilding, hire people you can trust will always give their best and who have a demonstrable track record of consistent goal achievement.

2. Set goals early, then revise the goals regularly in the light of hard data on actual performance