Goal Setting for Business Growth
10 Tips on setting goals and achieving them, to aid in your business growth and success.
Goal setting is vital if you want to achieve business growth. As a business owner, it's important you take time to set goals and review your business. Having everything in place to achieve success, doesn't mean you'll achieve the desired outcome. Setting goals and measuring them is key to driving your business forward and achieving what your started out to do in the first place.
Learning how to set the right goals, and learning how to achieve them takes practise. We've brought together some tips on goal setting and achieving for your business.
1 - Make a goal - Although this may seem like an obvious first step, the importance can't be highlighted enough. You may have an overarching company mission, but setting goals to make that happen will increase your chances of success by 95%.
2 - Make sure your goal is SMART: Specific, Measurable, Achievable, Relevant, Time-bound. Setting smart goals makes it clear what you want to achieve, by when, and how.
3 - Write it down. According to studies, those who write their goals down are more likely to succeed compared to those who don't. You're more likely to remember it, and in-turn more likely to achieve it.
4 - Make a plan to achieve your goals. Great you've got your SMART goal, you've written in down, but you need a plan of action. Without a plan, chances of success are minimal.
5 - Devote the right resources. Business surveys show that 50% of employee time is not devoted to activities that align with the company strategy. For example, if you want to improve customer service, you may need to allocate resources away from, say lead generation, to focus on customer support.
6 - Repeat to yourself everyday. Your goals need to take an active part in your life, so reading your goals everyday keeps them in focus.
7 - Share with someone. Saying your goal out loud makes it real. Sharing your goals takes it off the paper and really takes that step to making it happen, no longer is it a goal just written. Then, those you tell can hold you accountable.
8 - Ensure your team are aware and are onboard with your business goals. The best goals are not static, they evolve with reality, as a result share business goals with the team so they can adjust their activities to support in the achievement of the goals.
9 - Track your goals - 80% of business don't track business goals. Keep to momentum and motivate everyone to achieve the goal by regular reporting, and tracking. When you set measurable goals there's a powerful motivator and sense of accomplishment when you can see your goals are tracking to success.
10 - Manage and Adjust. If you see something isn't working out quite right, don't give up on the goal, change the plan.
Need advice on what are SMART goals for your business growth? Our advisors can help you take the right steps, and track your performance so you can stay on track and measure your goals. Get in touch today.