Goals are powerful. They can focus your attention on achieving desirable outcomes and dramatically improve the performance of your business.
Over 80% of businesses don’t keep track of their business goals or measure their success against their projections. But business goals matter. They help ensure a company understand the necessary steps to get where they want to go. So think carefully about what kind of business you want to grow into, and set your goals accordingly.
Setting goals is an important part of being a business owner, now is a good time to take a step back and reflect on how you’re doing.
BRING YOUR TEAM TOGETHER
Goals ensure that everyone within the business understands what you’re collectively and individually working towards. When the leaders within your business are clear on what you are trying to accomplish, it provides a greater rationale for the decisions you might make regarding hiring, acquisitions, incentives or sales programmes, eliminating a lot of uncertainty and bringing your team together.
Defining goals also helps to provide a focus for you and your employees and means everyone in the team will be able to prioritise their projects, leading to a greater chance of achieving them.
Organised goals give employees and managers something to strive for in their daily tasks. For example, instead of merely aiming for ‘general profitability’ (which is a bit woolly and unspecific), employees can work to improve profitability by 10% by the end of the year.
Most people will strive to be successful. By having a specific standard to work towards the idea of ‘success’ will motivate them to hit the target. If your business goals are tied to other external awards, such as group recognition or rewards, it can further improve motivation to hit targets, therefore increasing the profitability of your business.
SUSTAIN FUTURE GROWTH AND AUTONOMY
Most entrepreneurs have sizable egos. There is nothing wrong with this since every entrepreneur needs some level of ego to take the plunge into entrepreneurship. The most successful and world-class of those entrepreneurs are the ones who know whom to manage their own egos.
Creating company-wide goals can ensure the company survives without the daily presence of the business owner. A sustainable business can only survive when the owner knows they can’t micromanage everything and creates the structure needed for autonomous business growth.
Good organisations should always be trying to improve, grow and become more profitable. Setting yourself clear and concise goals is the key to doing this, however, unless you follow up on your progress setting goals at all is pretty useless. It would be like asking a swimmer to increase their length speed by 20 seconds without actually timing them – they are never going to know if they hit that goal because they have no start and end data to compare it to.
Once you have set your goals make sure you carve out some time in the future to analyse your progress. Look at the hard facts and figures and use them to measure the success of your efforts. By doing this, you can adjust your approach going forward and ensure continued development and growth, stopping you repeating the same mistakes again and again.
If you aren’t sure what your business goals should be I can help you cut through the fog of everyday business tasks and help you see the big picture. We will plan exactly what needs to be done and execute the steps you need to get there. For more information, get in touch with me today.