Setting Business Goals: How to Achieve Business Success in 2019
The new year is officially in full swing, the holiday revelries have ended, and it’s time to once again focus our minds back on our companies. Many entrepreneurs set aside time in January for setting business goals and to decide what it is they hope to accomplish in the new year.
Unfortunately, many of these same entrepreneurs will look back in 11 or so months and realize that they weren’t able to achieve anywhere near the result they had hoped to. We don’t want this to happen to you!
So in today’s blog post, we going to talk about setting business goals. The five-step process outlined below will help you choose the right goals to pursue, and put yourself in a position to actually accomplish them.
5 Tips for Setting Business Goals
Setting business goals is an important practice for entrepreneurs. This five-step process will help you do it effectively. Ready?
1. Decide What You Really Want
All of your goal setting efforts need to start here; with what you want. Not what needs to happen this year, that will come later. And not what your friends or family members think you should focus on either. But what you, a small business owner, want to see happen.
Would you like to make more money, or have more free time, or reduce stress? How about being able to donate more to charitable causes or employee more hardworking individuals in your community?
When you determine what your overarching goals are, you can identify specific objectives to help you achieve them. For example, if your goal is to make more money in 2020, you can implement a plan to make it happen. It might, on a high level, look something like this:
- Apply for a small business loan.
- Invest in a full-scale marketing campaign.
- Grow your customer base.
- Increase business revenue.
See how that works? When you start with your overarching goals, it’s much easier to craft a plan to achieve them.
2. Set SMART Goals
Now that you have your overarching goals in place, it’s time to make them SMART, an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-based. Let’s dive into each of those a bit more:
- Specific: If your goals aren’t specific, they likely won’t be achieved. Turn your vague goal of making more money into, “I want to increase business revenue by 25%.” Specific goals give you tangible targets to aim for.
- Measurable: The best goals are measurable. That way you can gauge your progress while attaining them. How many more deals would your business need to close to increase revenue by 25%? Now you can measure your results against this metric.
- Achievable: Is the goal you plan to set actually achievable? Sticking with the above example, is it realistically possible to increase revenue by 25%? We applaud ambition but don’t set yourself up for failure by aiming too high.
- Relevant: If you followed our advice in step one, your goal should already be relevant. A relevant goal is one that you, personally, care about. One that you’re willing to make sacrifices for. And also one that makes sense within the constructs of your business.
- Time-Bound: Finally, your goals should have deadlines attached. “Increasing revenue by 25% within the next 12 months,” is better than simply, “increasing revenue by 25%.” Make your goals time-bound to help keep you on track.
Once each of your goals have been made SMART, move on to the next step.
3. Get Your Whole Team Involved
All successful business owners understand that their employees are their most valuable asset. As the popular saying goes, “teamwork makes the dream work.” It’s as true today as it’s ever been. Take it to heart and bring your team in when setting business goals.
Their insight and alternative viewpoints are vital. After all, these are the folks “on the ground”everyday building products and speaking with customers. Taking this step will also engage your employees and make them feel valued, which will, in turn, make them more productive.
We want to confirm that “your team” also includes any outside partners you work with on a regular basis. This could be a specific freelancer or a financial advisor. Though they aren’t employed by you, they are often experts in their field and may have a wealth of knowledge to share.
So do your entire organization a favor and include your team in the goal-setting process.
4. Develop Systems to Assist You
At this point, you’ve determined what you want to achieve in 2020, tested every goal and made sure each is SMART, and shared your plans with your team, getting their feedback and adjusting if necessary. What’s next?
Well, you can’t learn how to play guitar without setting aside time to practice every day, right? Achieving your business goals is no different. You need to pursue them on a daily basis and the easiest way to stay consistent is to develop systems and habits to keep you on track.
Technology can help with this. A to-do list app like Todoist will help you organize tasks and set deadlines. A project management app such as Trello can keep your whole team on the same page and chasing the right goals.
Even something as simple as writing your goals on sticky notes and placing them on your desk so you always see them is important. We also recommend asking your colleagues to check in and keep you accountable.
The more systems you can put in place, the more habits you can build, the more successful you’ll be in achieving your goals.
5. Measure and Optimize
Lastly, you need to consistently monitor the progress you’re making towards your goals. Are you behind schedule? Why is that and what can you do to see better results? Keep track of where you’re going and where you’re at. Then adjust accordingly.
Achieve Business Growth in 2020
Setting business goals is important and now you have a complete, five-step strategy to do it successfully!
Remember to start with your overarching wants. Then turn those desires into SMART goals and share them with your team. Finally, develop systems to keep you on track and consistently monitor your progress. Do that, and you’ll achieve more in 2020 than ever before.
Sometimes business goals can’t be achieved without help. If you’re interested in receiving financing to grow your business in 2020, but either don’t want to work with a traditional lender or fear you won’t get approved, Cast Capital is here to help.
Our team of knowledgeable financial specialists are standing by to discuss your business goals and help you craft a plan to achieve them. Contact us today and let’s make 2020 your most successful year yet!