How To Set The Right Business Goals

How To Set The Right Business Goals

You can set business goals, and you can set the RIGHT business goals. It all depends on something called the BUSINESS MINDSET.

more than 80% of small business owners confessed that they did not track their company goals.

So today, I will show you how to set the suitable business goals that will speed up your overall business growth.

But before I go into the content, I have a short story to tell you.

A man once got a million dollars. He decided to use his money to start up a profitable business that could earn him interests and stable income.

Although he had the ideal vision of his “perfect” business plan, he didn’t pay much attention of the part called “business goals”

Then the man took the one million dollars and invested everything into the business. He used the money to get equipments, electronics, etc

At first, he did well …of course, when you pour a million dollars into a business, you will have a sweet and smooth beginning.

But as time passed, this man was becoming clueless. He didn’t know what was happening. New ideas weren’t coming in again. His business was going stale and competitors were overshadowing his business.

Then he sat down on his soft office chair and said to himself “What is my next and future goal for my business?”

Then he realized that his business was experiencing stunted growth, because he didn’t set business goals that will always renew the brand of his business.

He didn’t set long term business goals. He didn’t set goals that reveal where his business will be in the next five years.

He only focused on the present. He only focused on whatever came to him each day. He didn’t have a clear and well-detailed business goal.

In other words, lack of detailed business goals by this man, led to emptiness, blankness and “business disorder”

Difference between business plan and business goals

Business plan is simply organizing your business in a detailed manner, to foster the smooth operations of your business.

While Business goal is the periodic accomplishment that you’ve set to achieve within a time frame, in your business.

Businesspersons often mistake business plan for business goal.

Now that you’ve known the meaning and difference between business plan and goal, let’s move to the next stage, which is:

Setting The Right Business Goals

Like I said earlier, you can set business goals and you can set the RIGHT business goals.

Here, you will learn how to set the RIGHT business goals that will continuously push your business into limelight and global awareness.

Below are five steps that I follow to set up my business’s goals. If you can follow the below steps wholeheartedly, then you can be sure to experience massive business breakthrough.

1. Set concrete goals.

Start by setting solid and achievable goals. You can look at your business and set goals that align and also improves the overall growth of your business.

For instance, you can set goals like “increase my product sales by 16% over the next 5 months”

“Create my business awareness in the whole of my town for the next 12 months”

“Work on a new product or service for the next 6-12 months”

Seeking concrete goals like the above examples will give you a sense of commitment and self consciousness in your business.

Setting concrete goals, documenting them, and reviewing them periodically can increase your chances of success by up to 95%.

Tip**

When setting concrete business goals, don’t try to overwork yourself by giving yourself a little time frame for achieving your business goals. Where you are supposed to assign 12 months to a particular goal, don’t assign 3 months, and then overwork yourself. Take your time and give yourself enough time for the calmness and best quality results.

2. Create systems to support your goals

Once you set your goals, implement systems that will help you make continual progress toward them.

Take for example, this traditional New Year’s resolution – “I will lose 10 (or 15, or 20) pounds.” Many people who make this resolution fail to create daily or weekly systems that keep them on track to meet their goal. Goals without supportive systems that drive progress are generally bound to remain just that – goals, not realities.

The same applies to business. If you have a goal of lead generation or more customer patronizing, and you didn’t have the right systems in place, you can make 5 calls today, 1 call tomorrow and 20 calls next Monday, vainly hoping to see a bump in your numbers. A better idea might be to implement a lead generation system, whereby you establish an entire pipeline of prospects funneled from multiple channels, define second and third follow-up procedures, and track the appropriate metrics.

So when you set business goals, make sure that you have the appropriate system that can draw you closer to achieving your business goals.

If you want to make 50 sales in the next 3 months, make sure you have daily measures like calls, email marketing, ads, etc ..that will bring you closer each day, to your goals.

Try to set the right system that will daily foster the achievements of your goals.

3. Align your resource expenditures with your goals

Like systems, the proper resources must be devoted to activities that align with your goals if you hope to make progress. For example, if your goal is to strengthen your customer retention rate, your front line team members should not devote the majority of their time to lead generation.

This also means saying NO to some activities. You must maximize expenditures on specific goals, one at a time.

Let me share my experience with you.

For a long time, I didn’t figure out how to align my resource expenditures with my goals.

Whenever I had a goal, let’s say.. goal for improved customer experience. Instead of me to focus on that particular goal of customer experience, I will split my time and focus on other things.

I will try to split my expenditures on other activities, instead of me focusing on one activity at a time. And because of this, I will not achieve my goals effectively. I will be halfway through my goals. All because I didn’t utilize my resources and devoted them to activities that aligned with my goals, one at a time.

So if you don’t want to be like me that would always reach halfway through my goals, then you should focus on making sure you maximize your resources on your PRESENT goal. Then when you have achieved that PRESENT goal, you can fully focus your resources and expenditures on your immediate next goal.

4. Ensure your team members are aware of and on board with goals

The best goals are not static. Instead, they are dynamic and reflect a constantly evolving reality. As a result, team members should be kept aware of changes so they, in turn, can change the activities they use to support these goals.

Define concrete milestones. Set daily, weekly, and monthly goals that can lead to a sense of accomplishment and that can make your team members work towards a common objective.

For example, when you tell your team members to “Sell as much as they can”, different team members will have different opinions. While a team member can work on bringing in 10 sales, another team member can overwork by bringing in 50 sales.

So you must constantly remind your team members of your business goals, so that they will work together to achieve a common objective. This in turn will catapult your business to rapid success and achievement.

Conclusion

Ultimately, your goals are only as effective as the systems, resources, and people driving progress. With a plan that encompasses the four aspects of goal-setting discussed above, you can better implement initiatives that will lead to business success.

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