REPOST : How to Set Clear Goals for Your Business
Something to tink about as you start a New Year
Today, I'll help you understand how to set clear goals for your business. As a founder, podcaster, CEO, author, and host speaker, I am well aware of how goals provide focus and direction for all aspects, ensuring long-term success.
Hey, pass this on to a friend. They need some rocket science business growth in their life as well!
It's Not Rocket Science! is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Share now and get them some free stuff, to boot!
Sick of getting emails from me? Or have a new email address? Make changes below
TRANSCRIPT
This is Stuart Webb Business Success Mentor, Author, Podcast Host, Speaker, CEO and Founder of the Complete Approach - with another one take video blog - all the mistakes stay in
Hi, business owners your business success mentor here, helping you take your business to unbelievable success levels by sharing processes for stable growth and potential mistakes you must avoid at any cost.
Today, I'll help you understand how to set clear goals for your business. As a founder, podcaster, CEO, author, and host speaker, I am well aware of how goals provide focus and direction for all aspects, ensuring long-term success.
Getting to know your business inside out is the first step towards setting them.
So, let’s dive in to find ways to understand your business for clear goal setting.
Understand Your Business
Getting a grip on how your business operates and figuring out who the customers are and what makes them purchase from you will help ensure that your goals are clear, transparent, and can be achieved.
You can run a SWOT analysis that provides information about your business's strengths, weaknesses, opportunities, and threats.
Understanding these insights will clarify your business's purpose and direction, leading to the setting of clear and transparent goals.
Now, using the information you got from the SWOT analysis, you can jump to the first step, i.e.,
1. SMART Goal Framework
If you want your small business to thrive, defining goals clearly is essential. And an effective way of doing this is using the SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) Goal framework.
To use the model effectively, answer each question to focus and follow a steady path to a successful business.
Specific: What exactly are you planning to do?
Measurable: How will you determine whether your efforts are working?
Achievable: What steps will you take to achieve the goal?
Relevant: Is the goal relevant to your overall goals?
Timely: When do you expect to reach your goal?
After making a rough sketch of your goals, it’s time to consider the next step, i.e.,
2. Prioritize Goals
Investing time into prioritizing the most important goals and focusing on them first enables you to keep an eye on results quickly and see whether all the hard work is paying off or not!
However, to determine which goals need attention first, ask yourself what will bring the most benefit towards developing and expanding your small business and prioritize.
Also, remember that every task doesn't necessarily have to be taken care of all at once; instead, look into how these tasks interlink and interact.
For instance, if cash flow management is causing issues for the business right now, this should take precedence over any goals, such as marketing or product development plans, until it has been sorted out properly. Therefore, focus on only a few primary goals at a time to avoid any losses.
By the second step, you’ll have a list of top prioritized goals that you would need to reconsider as you reach the third step, which is,
3. Break Down Goals
Setting goals for your small business and breaking them into smaller, manageable tasks is the major key. Doing so can help you stay on track and encourage you to reach the desired result.
So, identify a primary goal and divide it into chunks and doable tasks.
However, these tasks should be realistic and achievable so you don't procrastinate. You can also divide work and responsibilities among your team and set a timeline for each task. This will help you clearly define and track your goals with all the details.
But here’s a question: How do you track and see if you’ve set clear goals? Well, for that purpose, let’s check out our fourth step, which is,
4. Set Metrics and KPIs
Tracking metrics and KPIs for your small business is a key step in setting clear, measurable goals.
Metrics are the quantifiable measurements of advancement toward a particular goal, while Key Performance Indicators (KPIs) measure performance at an exact moment relative to the predetermined goal.
To set them, you need to spot what data points will be utilized as indicators of success.
For instance, identify and use customer satisfaction ratings, sales figures, acquisition costs, etc., as key metrics and KPIs that accurately reflect progress toward your desired outcome.
By doing this, you'll improve your focus and direction on how you'll be able to measure success against benchmarks over time.
With that said, it’s time to discuss our last step, i.e.,
5. Create an Action Plan
I really want to emphasize that having clear objectives and goals and designing a strategy for your small business is extremely profitable. To create an actionable plan, you need to clearly define your short-term/long-term goals, steps/procedures, and deadlines.
For instance, your small business's short-term goal would be improving profits by 10% over half a year, and your long-term goal would be to double profits within two years.
Now, convert your goals into actionable steps.
For example, if your goal is to increase profits by 10% over six months, it could involve launching a fresh product line, investing in marketing on social media, offering loyalty discounts, and outsourcing tasks within specific deadlines.
Now It’s Time to End Today’s Video!
Well, setting objectives for your small business is a vital part of managing it successfully. Thus, planning out what you want to achieve gives you a way to lead your business in the right direction.
But if you are feeling a bit daunted by setting goals, click the link in the description box and connect with the most competent individuals who are always here to help.
Lastly, if you like this video blog, don't forget to like and subscribe. See you in the next video.If you are a business owner currently turning over £/$10K - £/$50K per month and want to grow to £/$100K - £/$500k per month Download my free resource on everything you need to grow your business on a single page :
- It's a detailed breakdown of how you can grow your business to 7-figures in a smart and sustainable way
Help us to help more business owners grow and scale their income and profits and give them back time using the secrets that the biggest businesses use to ensure recurring leads and make recurring profits year on year.